The Bangko Sentral ng Pilipinas (BSP) on Wednesday assured the public of sufficient supply of fresh banknotes and coins to meet the anticipated surge in demand during the Christmas season.
Holidays usually usher in an increased demand for new and clean banknotes and coins, as Filipinos traditionally give cash gifts or aguinaldo to their godchildren, families and friends.
The BSP reminded the public that exchanging banknotes and coins, including unfit currencies, for crisp ones with their depository banks is free of charge.
It also encourages 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, the BSP said.
The Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government (DILG) developed Paleng-QR Ph program to build the digital payments ecosystem in the country by promoting cashless payments in public markets and local transportation. Darwin G. Amojelar
Capitalizing on the QR Ph initiative, the program seeks the policy championship and enjoins local government units (LGUs) to push for the acceptance of digital payments among market vendors, community shopkeepers, and tricycle operators and drivers (TODA) in all cities and municipalities in the country.
The Paleng-QR Ph program highlights the significance of market purchases and local transportation fares as basic components of an average Filipino’s typical payment pattern. The program was inspired by the student policy competition finalists from the University of the Philippines–Los Baños in the 2021 BSP Youth Summit. Darwin G. Amojelar
