Central bank urges public to use digital wallets

 

The Bangko Sentral ng Pilipinas (BSP) is now urging people to adopt digital money instead of physical or fiat money.
“Digital wallets offer a safe, efficient, and convenient way to transfer funds to family and friends during the season of giving,” BSP Governor Benjamin E. Diokno said.
”The use of digital money is highly recommended to reduce virus transmission amid the ongoing health crisis,” he continued.

 

MANILA, Philippines — This arose as a result of the BSP issuing an advice urging Filipinos to exchange their old banknotes and coins for new ones with their banks.

The central bank guarantees the people that there will be enough banknotes to fulfill the increased demand for money throughout the holiday season.

“There will be no shortage of new banknotes in the Yule season,” Diokno confidently declared.

He stated that demand for banknotes often peaks between October and December.

Economists have also seen a rise in the availability of banknotes during the “Ber” months, particularly for values of 1,000, 100, and 20 pesos, while ₱20, ₱5, and ₱1 coins are also in demand.

“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,” Diokno said. /Headline PH)(JD

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