Ninongs and ninangs need not worry this Christmas, as the Bangko Sentral ng Pilipinas (BSP) assured the public that there will be enough fresh banknotes for the holidays this year.
Over the weekend, the BSP issued a statement saying there will be an adequate supply of fresh banknotes and coins in anticipation of higher currency demand during the Christmas season.
The BSP said the peak of currency demand starts from October and continues to increase until December of each year.
This is in line with the Filipinos’ tradition of giving fresh—or newly-printed banknotes—as monetary gifts for the holidays or the so-called “aguinaldo.”
According to the Central Bank, there is usually greater demand for denominations of 1-000-peso, 100-peso, and 20-peso banknotes; and 20-peso, 5-peso and 1-peso coins during the holiday season.
“There will be no shortage of new banknotes in the Yule season. As in previous years and to support seasonal demand, 40 percent and 50 percent of the total volume of banknotes and coins, respectively, will be serviced in the fourth quarter of the year,” BSP Governor Benjamin E. Diokno was quoted in the statement as saying.
The BSP also said the public is advised to exchange their unfit banknotes and coins for new ones with their banks.
“The BSP, likewise, urges the public to practice proper handling of banknotes and coins under its ‘Clean Note and Coin Policy.’ The policy is aimed at extending the life span of banknotes and coins, thereby reducing the cost of currency production,” the BSP said.
The Central Bank also urged Filipinos to use digital money this Christmas.
“Digital wallets offer a safe, efficient, and convenient way to transfer funds to family and friends during the season of giving. The use of digital money is highly recommended to reduce virus transmission amid the ongoing health crisis,” Diokno said.
Earlier, the BSP said it is eyeing to circulate—on a limited and trial basis—new 1000-peso banknotes made out of polymer. The limited test run, targeted to start next year, will help the BSP evaluate if the Philippines is ready to shift to polymer notes.
Currently, Philippine banknotes are made out of 80-percent cotton and 20-percent abaca.