October 26, 2024 | 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has teamed up with German government banknotes printer Bundesdruckerei GmbH for payments and currency management in the country.
In a statement, BSP Governor Eli Remolona Jr. said the central bank recently inked a memorandum of understanding (MOU) with Bundesdruckerei GmbH chief financial officer Christian Helfrich.
Under the MOU, BSP and Bundesdruckerei GmbH will collaborate on currency management and production; securities management and production; and digital payments infrastructure.
They will also work on research and development on digital payments and banknote substrate, which is a special material used to produce banknotes.
Remolona said the BSP recognizes “the need for banknotes for a long time to come” even amid strengthened efforts to shift more payments to electronic channels.
“Now is the time when banknotes should be more secure, more durable and even more sustainable,” Remolona said.
Further, BSP and Bundesdruckerei GmbH will work together on technology exchange, staff exchange and training and information-sharing on legal aspects relevant to payments and currency management.
The MOU will likewise cover other areas to provide support, assistance, sharing of best practices and expertise and capacity-building or technical assistance to both parties.
The MOU, which is effective for five years, is focused on the importance of cooperation in payments and currency management to enhance and strengthen the roles of government entities in the post-pandemic economic recovery and sustain the growth of both economies.
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