BSP: “The public is also encouraged to regularly use their coins in paying for goods and services”
BSP – The Bangko Sentral ng Pilipinas said that the supply of fresh coins and banknotes is enough for the holiday season.
The central bank said in a statement that the demand for new coins and banknotes soars during the holiday season as Filipinos traditionally give pristine coins and banknotes as Christmas gifts or “aguinaldo” to their friends and families.
Also, the central bank said that the uptick in currency demand starts in October and continues until December of every year, citing historical bank withdrawal data from October to December 2019 to 2021.
“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 central bank said.
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In line with the central bank’s broader efforts to promote efficient recirculation of fit currency, BSP advised the public to have their unfit coins and banknotes exchanged for fresh ones with their depository banks at no additional charge.
The central bank also encouraged the public to regularly use their coins and banknotes in paying for goods and services.
Unfit coins have any one of the following characteristics:
- markings
- signs of corrosion
Unfit banknotes, on the other hand, have any one of the following characteristics:
- Soiled
- Limp
- Stained
- with obvious writings
- with faded print
For a convenient and safe alternative to cash, the Bangko Sentral ng Pilipinas urged Filipinos to use digital money when sending “e-aguinaldo” to their friends and families.
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