BSP Advises Filipinos to Give E-aguinaldos

The Bangko Sentral ng Pilipinas (BSP) is advising Filipinos to utilize digital money when sending aguinaldos to their friends and families during Christmas time as it reassured an adequate supply of coins and banknotes during the increased currency demand this season.

For an alternate option instead of cash, BSP urges the use of digital money for sending gifts.

With their Digital Payments Transformation Roadmap initiative to remodel the country to a cash-lite economy, the BSP targets to convert 50% of the total retail payments to electronic channels while vowing to raise the number of Filipinos with bank accounts to 70% by 2023.

Since the pandemic, digital retail transactions have risen to 30.3% in 2021 from a previous 20.1% back in 2020.

Aside from this, Filipino adults with bank accounts increased in 2021 to 56% from 2019’s previous figure of 29%.

BSP has stated that denominations with the most demand during Christmas are the ₱1,000, ₱100, ₱50 bills and the ₱20, ₱1, and 25 centavo coins.

The BSP has likewise mentioned that “Historical data show that the uptick in currency demand begins in October and continues until December of every year,”

With their endeavor to encourage efficient recirculation of currency, the BSP likewise advised the public to have their worn-out banknotes and coins exchanged for new ones at depository banks at no cost. Aside from this, BSP also urged the public to make use of coins when paying for services and goods.

“The BSP reminds the public of the proper handling of Philippine currency to prolong the lifespan of our banknotes and coins,”  mentioned BSP.

Source: Philstar