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BSP assures adequate supply of banknotes, coins

IN anticipation of the heightened currency demand during the Christmas season, the Bangko Sentral ng Pilipinas (BSP) assured the public that there will be an adequate supply of new banknotes and coins.

In a statement on Saturday, the BSP said currency demand peaks in October and continues to rise through December of each year. Historically, during the holiday season, demand for 1000-, 100-, and 20-Piso banknotes, as well as 20-, 5-, and 1-Piso coins, has been higher.

“There will be no shortage of new banknotes in the Yule season. As in previous years and to support seasonal demand, 40 percent and 50 percent of the total volume of banknotes and coins, respectively, will be serviced in the fourth quarter of the year,” BSP Governor Benjamin Diokno said in the statement.

According to the central bank, the public is recommended to exchange their old banknotes and coins for new ones with their banks.

It also encourages the public to use correct banknote and coin handling techniques as part of its Clean Note and Coin Policy, which aims to extend the life of banknotes and coins, lowering the cost of currency manufacture.

Finally, the Bangko Sentral urged Filipinos to adopt digital money in order to achieve its goals of digital payment transformation and financial inclusion.

“Digital wallets offer a safe, efficient, and convenient way to transfer funds to family and friends during the season of giving,” Diokno said.

The central bank said that in the midst of the ongoing health crisis, using digital money is highly advised for reducing virus transmission.