THERE will be an adequate supply of fresh banknotes and coins in anticipation of the higher currency demand during the Christmas season, the Bangko Sentral ng Pilipinas (BSP) assured.
The peak of currency demand starts from October and continues to increase until December of each year. Historically, there is greater demand for denominations of 1000-, 100- and 20-Piso banknotes; and 20-, 5- and 1-Piso coins during the holiday season.
“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 Gov. Benjamin Diokno said.
The public is advised to exchange their unfit banknotes and coins for new ones with their banks.
The BSP likewise urges the public to practice proper handling of banknotes and coins under its Clean Note and Coin Policy. The policy is aimed at extending the life span of banknotes and coins, thereby reducing the cost of currency production.
Moreover, the central bank also encouraged Filipinos to use digital money in line with the BSP’s digital payment transformation and financial inclusion goals.
According to Diokno, “Digital wallets offer a safe, efficient, and convenient way to transfer funds to family and friends during the season of giving.”
The use of digital money is highly recommended to reduce virus transmission amid the Covid-19 health crisis. (KOC WITH PR)