This Christmas season, the Bangko Sentral ng Pilipinas (BSP) suggests using e-cash instead of physical money for “aguinaldo” or cash gifts.
“Sending cash gifts electronically is convenient and efficient, and it promotes a more digital and inclusive Philippine economy,” explained the BSP.
Filipinos traditionally give cash gifts to their loved ones during the holidays. This leads to a surge in demand for new and clean banknotes and coins, as the central bank has observed.
Filipinos can easily exchange their old banknotes and coins for crisp, new ones at their depository banks, and this service is provided free of charge.
The BSP has also confirmed that it is actively producing new banknotes and coins to meet the increased demand for physical cash during the holiday season.
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