The Bangko Sentral ng Pilipinas (BSP) has encouraged the public to consider using digital or electronic money in sending cash gifts to their godchildren, friends and family members.
“Sending e-money is a safer and more convenient way of gift-giving for both the givers and the recipients,” the BSP said on Thursday, Dec. 21, 2023.
There are 324 million e-money accounts in the Philippines as of end-September 2023. These accounts may be conveniently used for paying digitally for goods and services as well as for monetary gifts.
Meanwhile, the BSP said it will continue to issue more fresh banknotes to enable the public to exchange old for crisp ones through their banks. Additionally, the BSP said it will continue to issue lower denomination banknotes amid unusually high demand.
The central bank also urges the public to exercise vigilance against parties exchanging banknotes for free.
Exchanging banknotes through banks is free of charge.