The Bangko Sentral ng Pilipinas (BSP) on Wednesday, Dec. 20, said it will continue to issue fresh banknotes this Christmas season as it urged the public to consider using digital or electronic money in sending cash gifts.
In a statement, the BSP said it continues to issue more fresh banknotes to enable the public to exchange old for crisp ones through their banks.
The BSP also continues to issue lower-denomination banknotes amid unusually high demand.
“The BSP also encourages the public to consider using digital or electronic money in sending cash gifts to their godchildren, friends, and family members,” it added.
Sending e-money is a safer and more convenient way of gift-giving for both the givers and the recipients.
Data from the BSP showed that as of end-September this year, there are a total of 324 million e-money accounts in the Philippines which may be used for paying goods and services as well as for monetary gifts.
The BSP, meanwhile, reminded the public to exercise vigilance against parties exchanging banknotes for a fee.
“Exchanging banknotes through banks is free of charge,” it said.PNA
