Give ‘e-aguinaldo’ for Christmas, BSP urges public

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, even as it gave assurance that it continues to produce fresh banknotes and coins to meet the expected surge in demand.

In an advisory, the central bank reiterated its reminders from previous years encouraging the public to send the traditional gifts or aguinaldo digitally.

“The BSP also encourages the public to use digital or e-money as cash gifts to their godchildren, family, and friends. Using e-wallets and online banking offers a safer and more convenient way to send cash gifts during the Christmas season,” the BSP advisory said.

At the same time, the BSP said it is continuing to produce new banknotes and coins to ensure a sufficient supply in banks nationwide.

“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 central bank cited its electronic fund transfer (EFT) systems, including InstaPay, which was launched in April 2018 and allows real-time fund transfers across banks.

It also highlighted PESONet, launched in 2017, which enables the government, businesses, and individuals to initiate EFTs and recurring payments within the same banking day in BSP-supervised financial institutions.

In the same advisory, 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 BSP said.—MCG, GMA Integrated News