BSP renews push for 'e-aguinaldo'

The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it continues to issue crisp banknotes ahead of the holiday season, but called on the public to consider sending financial gifts or “aguinaldo” digitally.

In an advisory, the BSP said it continues to issue more fresh banknotes which the public can exchange with old ones which are preferred to be given during gift-giving. It said it is also issuing lower-denomination banknotes on the back of “unusually” high demand.

“The BSP also encourages the public to consider using digital or electronic money in sending cash gifts to their godchildren, friends, and family members,” the BSP said.

“Sending e-money is a safer and more convenient way of gift-giving for both the givers and the recipients,” it added.

Latest data available from the BSP indicate that there were 324 million e-money accounts — which may be used for digital payments and monetary gifts — in the Philippines as of end-September.

“The BSP urges the public to exercise vigilance against parties exchanging banknotes for a fee. Exchanging banknotes through banks is free of charge,” the central bank said.

To recall, the BSP released a similar advisory during the 2022 holiday season, as it said this would promote the “efficient” flow of funds in the economy.

LIST: Banks with waived transfer fees until December 31, 2023

Launched in April 2018, InstaPay is a real-time, low-value digital payments facility that substitutes for cash transactions.

Meanwhile, PESONet —  launched in 2017 — is a batch electronic funds transfer that provides an alternative for checks and recurring payments. — RSJ, GMA Integrated News