ILOILO City – The public can expect enough supply of banknotes during the Christmas season.
The Bangko Sentral ng Pilipinas (BSP)-Iloilo said the metro’s currency supply also remains sufficient.
All authorized agent banks will still be “business as usual” except on regular holidays and special non-working days, Lowen Andrew June Ligad, BSP-Iloilo bank officer II, told Panay News.
He cited BSP’s memorandum advisory No. 2020-17 mandating affiliated banks to secure enough cash supply during the holidays.
“Right now, all banks ang naga-transact diri sa BSP-Iloilo were told to maximize their time and services sa mga clients,” Ligad said.
The banking sector, according to Ligad, anticipated the seasonal demand for fresh banknotes during Christmas, when money circulation and spending pick up.
He also said automated teller machines (ATMs) will be ready for the surge in withdrawals in time for the Christmas shopping period.
Reloading of cash is frequently done in ATMs located in areas where foot traffic is heavy.
While transacting in banks or ATMs, Ligad appealed to the public to practice safety health protocols to curb the spread of coronavirus disease 2019.
The public should also be vigilant of scammers, Ligad said.
“Kon mag-withdraw be vigilant kay ang mga fraud, scammers kag budol-budol ara lang sa palibot,” he added.
Meanwhile, the BSP also said it partially outsources the production of banknotes to meet the surge in currency demand under domestic procurement regulations or international competitive bidding processes.
This is similar to the practice of other central banks that print their own currency, it said.
The BSP also urged the public to observe the proper handling of banknotes under its nationwide “Clean Note Policy” as a multi-stakeholder initiative to minimize the cost of producing currency.
The campaign was aimed at extending the lifespan of banknotes, thereby reducing the cost of currency production./PN
