THERE is sufficient supply of currency notes in local circulation amid the robust economy of Negros Occidental, an official of the Bangko Sentral ng Pilipinas (BSP) in Bacolod City said.
Job Nepomuceno, deputy director of BSP-Bacolod, said they are mandated to supply adequate volume of money in the province.
In doing such, he said one aspect to consider is the local business environment and economic activities.
“Aside from numerous infrastructure projects and property developments, the booming economy of the province may also be manifested through the increasing number of people investing on new car, house, and other properties,” Nepomuceno said, “thus, we are ensuring sufficiency of money needed for spending.”
During the Yuletide holidays, money circulation in the province is also strong. Commercial transactions have gained strength and are expected to further heave up this week.
Nepomuceno reiterated that this is mainly attributed to the influx of remittances from Overseas Filipino Workers (OFW) and bonuses in both government and private companies which strengthen the consumers’ purchasing power.
The province has enough money supply both in bills and coins, Nepomuceno assured Negrenses, adding that banks are mandated to ensure availability of cash in their respective automated teller machines (ATM) during holidays.
Fit notes
The BSP also reminded anew banks in Negros Occidental to load their respective ATM with new or fit notes, which is mandated under the agency’s clean note policy.
Under which, supervised financial institutions, particularly banks, are mandated to always observe a level of fitness in the bills they provide to clients.
Nepomuceno said unfit notes are those that are crumpled, soaked, and old.
“There is a need to maintain clean currency as unfit notes might be used for illegal transactions,” he said, adding that “counterfeiters’ techniques include putting unnecessary markings and drenching the money to make these look like genuine bills.”
Negrense ATM card holders withdrawing unfit notes are advised to exchange them with the concerned banks, or may report the incident to the BSP for necessary action.
Banks with unfit notes may return these to the BSP for replacement.