THE Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that it will issue more fresh banknotes to meet high demand for cash during the holidays and enable the public to exchange old bills for new ones through the banks.
The BSP said it continues to issue lower denomination banknotes to address unusually high demand for cash during the holidays.
Meanwhile, the BSP urges the public to exercise vigilance against parties exchanging banknotes for a fee. Exchanging banknotes through banks is free of charge, the BSP said.
The Central Bank also encouraged the public to consider using digital or electronic money in sending cash gifts to their godchildren, friends, and family members.
Sending e-money is a safer and more convenient way of gift-giving for both the givers and the recipients, it added.
There are 324 million e-money accounts in the Philippines as of end-September 2023. These accounts may be conveniently used for paying digitally for goods and services, as well as for monetary gifts.