THE Bangko Sentral ng Pilipinas (BSP) has recently established the Payments and Currency Management Sector (PCMS) which is tasked to manage the interplay of physical currency and digital money.
“PCMS is tasked to maintain the safety and integrity of the local currency and to ensure a well-functioning payments and cash ecosystem that supports sustained and inclusive economic growth, said BSP Governor Benjamin Diokno.
“This is aligned with the BSP’s Digital Payments Transformation Roadmap which aims to achieve efficient, safe and inclusive payments ecosystems,” Diokno explained.
The new sector, which consolidates existing currency and payment management units, is responsible for producing banknotes, coins, and securities documents; refining gold; and printing of cards for the national ID.
PCMS is also in-charge of anti-counterfeiting operations; currency forecasting; currency retirement; and the servicing of bank deposits and withdrawals in the greater Manila area (cash operations in the regions are performed by regional offices and branches).
Moreover, it handles the licensing and supervision of payment system operators; formulation of strategies and policies for currency and payments systems, including the digital payments transformation and currency forecasting; operations of the Philippine Payment and Settlement System; and administration of the digital Personal Equity and Retirement Account. (BSP)
