BSP: Banknotes, coin production continuous this holiday season

The Bangko Sentral ng Pilipinas (BSP) on Wednesday assured the public that the production of fresh banknotes and coins is continuous amid the expected surge in currency demand during the Christmas season.

In a statement, the BSP said the holidays usually usher in an increase in demand for new and clean banknotes and coins as Filipinos traditionally give cash gifts or “aguinaldo” to their godchildren, families, and friends.

The central bank also reminded the public that exchanging banknotes and coins, including “unfit” currencies, for “crisp” ones with their depository banks is free of charge.

Unfit banknotes are those that have any one of the following characteristics: soiled, limp, stained, with obvious writings, and with faded print.

Meanwhile, unfit coins have markings and signs of corrosion.

The BSP also encouraged the public to consider sending “e-aguinaldo” or electronic money transfers instead of physical cash.

“Sending cash gifts electronically is convenient and efficient, and it promotes a more digital and inclusive Philippine economy,” the central bank said. — RSJ, GMA Integrated News