Fresh banknotes, coins enough for holiday season —BSP

The Bangko Sentral ng Pilipinas (BSP) said Saturday that the supply of fresh banknotes and coins is sufficient in view of the surge in currency demand amid the holiday season.

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

Citing historical bank withdrawal data from October to December 2019-2021, the central bank said that the uptick in currency demand begins in October and continues until December of every year.

“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 central bank advised the public to have their unfit banknotes and coins exchanged for fresh ones with their depository banks at no additional charge.

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. —Ted Cordero/KG, GMA Integrated News