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Sunday, February 25, 2024

BSP: Ample coins, fresh banknotes ready for gifting

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The supply of fresh banknotes and coins is sufficient to meet the surge of currency demand amid the holiday season, the Bangko Sentral ng Pilipinas (BSP) said Saturday in a statement.

The demand for new currency soars during the Christmas season as Filipinos traditionally gave pristine banknotes and coins as gifts or “aguinaldo” to their families and friends, the BSP said.

The uptick in currency demand begins in October and continues until December of every year, the central bank said, citing historical bank withdrawal data in the last three months of 2019 to 2021.

“Denominations with the highest demand during this period are the 1000-, 100-, and 50-Piso banknotes; and 20-Piso, 1-Piso, and 25-Sentimo coins,” the BSP said.

In line with its broader efforts to promote efficient recirculation of fit currency, the BSP advised the public to have their unfit banknotes and coins
exchanged for fresh ones with their depository banks at no additional charge.

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Unfit banknotes have any one of the following characteristics: soiled, limp, stained, with obvious writings, and with faded print. Unfit coins have markings and signs of corrosion.

“The public is also encouraged to regularly use their coins in paying for goods and services,” the BSP said.

For a safe and convenient alternative to cash, the central bank encouraged Filipinos to use digital money when sending “e-aguinaldo” to their families and friends.

Moreover, the BSP reminded the public of the proper handling of Philippine currency to prolong the lifespan of the country’s banknotes and coins.

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