The Bangko Sentral ng Pilipinas (BSP) on Monday renewed its call for the public to give digital or electronic money as cash gifts during the Christmas holidays.
The central bank said using e-wallets and online banking offers a safer and more convenient way to send cash gifts during the Christmas season.
“The BSP also encourages the public to use digital or e-money as cash gifts to their godchildren, family, and friends,” the advisory said.
At the same time, the BSP assured the public that it continues to produce fresh banknotes and coins to meet the expected surge in demand.
“The BSP continues to produce fresh banknotes and coins to make these available in banks in anticipation of the expected surge in currency demand during the Yuletide season,” it added.
The advisory cited electronic fund transfer systems, including InstaPay, which allows real-time fund transfers across banks.
It also highlighted PESONet, which enables the government, businesses, and individuals to initiate EFTs and recurring payments within the same banking day in BSP-supervised financial institutions.
The BSP reminded the public that the exchange of unfit banknotes through banks should be free of charge.
“The public is encouraged to transact with BSP-authorized banks for currency exchange to avoid ‘service fees’ imposed by individuals or other parties,” the advisory said.
The central bank urged the public to consider digital gifts while assuring that cash will remain available for traditional holiday giving.