AN infuriating report has come out that the Bangko Sentral ng Pilipinas (BSP) is turning its back on abaca, our premier, endemic and historic fiber. The BSP is removing abaca from our currency content and substituting polymer, which is nothing but plastic.
The abaca, or Musa textilis, is related to banana plants and to the uninitiated looks like a banana tree. It is something else, the source of the strongest natural fiber in the world prized for its long fiber length and its mechanical strength. It is also resistant to damage by salt water. The world woke up to abaca in the 19th century using it for ships' rigging, ropes, twine, fishing lines and nets, sacks and paper. Manila paper has an abaca base and was used to make strong and sturdy envelopes (Manila envelope). It is now used for clothing, curtains, furnishings and specialty papers. You see these papers in tea and coffee bags, sausage casings, cigarette filter papers. It is also used in various forms for medicinal purposes, for food preparation and in the automotive industry. These latter are the modern uses together with erosion control and other environmentally friendly roles. In other words, abaca is a gift of nature to the Philippines which has been historically useful and identifiable with the country. It is a vital part of its economy and has been so for centuries. So, why is the BSP doing away with abaca in our currency which is one of the most representative items of a country? Is it because other countries are replacing it with polymer in their currency? Are we going to be ignorant copycats in this matter? Does the BSP have no sense of history, or institutional memory of abaca's past and present role in the world economy?
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