THE BANGKO SENTRAL ng Pilipinas (BSP) is working to ensure ample supply of fresh banknotes amid increased demand over the holidays.
The BSP “continues to produce fresh banknotes and coins to make these available in banks amid the expected surge in currency demand during the Christmas season,” it said in a statement on Wednesday.
“Holidays usually usher in an increase in demand for new and clean banknotes and coins as Filipinos traditionally give cash gifts or aguinaldo to their godchildren, families, and friends.”
Meanwhile, the central bank also said that exchanging banknotes and coins for crisp bills with depository banks is free of charge.
Unfit currency should also be accepted by banks, the BSP said.
Banknotes are considered unfit if they are soiled, limp, stained, with obvious writings, and with faded print. Meanwhile, unfit coins have markings and signs of corrosion.
“The BSP also encourages the public to consider sending an e-aguinaldo instead of physical cash,” it said.
“Sending cash gifts electronically is convenient and efficient, and it promotes a more digital and inclusive Philippine economy,” it added. — Luisa Maria Jacinta C. Jocson
