FactCheck: Demonetized banknotes and coins no longer hold monetary value, aside from being part of a collection. FactsFirstPH
The “Ang Bagong Lipunan” currency series, introduced during the administration of former president and dictator Ferdinand E. Marcos, is backed by gold. The video claims that documents from banknote printing company Thomas De La Rue plc supposedly legitimize the currency’s gold backing.As of writing, the YouTube video, posted on March 28, has gained 7,392 views from an account with 38,200 subscribers.
The study also said the monetary system of the country has since then followed the central bank-regulated fiat currency. Unlike the gold standard, a fiat currency’s value is not fixed in gold.said the ABL series was issued and circulated from 1973 to 1993, long after the country abandoned the gold standard and used fiat currency.
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