December 12, 2024 | 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has assured the public that it is ramping up production of fresh banknotes and coins to meet the expected surge in demand during the Christmas season.
This time of year typically sees increased demand for new and clean currency as Filipinos uphold the tradition of giving cash gifts, or aguinaldo, to their godchildren, family members and friends.
“The BSP reminds the public that exchanging banknotes and coins, including unfit currencies, for crisp ones with their depository banks is free of charge,” the central bank said yesterday in a statement.
In line with its push for digitalization, the BSP also encouraged the public to consider sending e-aguinaldo instead of physical cash.
“Sending cash gifts electronically is convenient and efficient, and it promotes a more digital and inclusive Philippine economy,” it added.
The central bank is also preparing to introduce the first Philippine polymer banknote series in the first quarter next year, marking a significant step in the country’s efforts to modernize its currency.
BSP Deputy Governor Mamerto Tangonan told The STAR that the initial rollout will include the P500, P100 and P50 denominations. The central bank, however, will not include P200 and P20 banknotes in the new polymer series.
“The P20 is being transitioned to coin through natural attrition. The P200 is being discontinued due to low usage since its launch in 2010,” he said. “Both the P200 and P20 banknotes remain legal tender until they become unfit for circulation.”
The BSP’s decision to introduce polymer banknotes is part of its efforts to safeguard the integrity of its currency.
Be the first to comment