BSP: Banknotes and coins supply Sufficient for holiday season

The Bangko Sentral ng Pilipinas (BSP) assures the public that sufficient supply of fresh banknotes and coins is available in view of the seasonal surge in currency demand.

The BSP explains that the demand for new currency soars during the Christmas season as Filipinos traditionally give pristine banknotes and coins as gifts or aguinaldo to their families and friends.

Historical data show that the uptick in currency demand begins in October and continues until December of every year. Denominations with the highest demand during this period are the 1000-, 100-, and 50-Piso banknotes; and 20-Piso, 1-Piso, and 25-Sentimo coins^[1].

In line with the BSP’s broader efforts to promote efficient recirculation of fit currency, the public is advised to have their unfit^[2]  banknotes and coins exchanged for fresh ones with their depository banks at no additional charge.

The public is also encouraged to regularly use their coins in paying for goods and services.

For a safe and convenient alternative to cash, the BSP also encourages Filipinos to use digital money when sending e-aguinaldo to families and friends.

The BSP reminds the public of the proper handling of Philippine currency to prolong the lifespan of our banknotes and coins.

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^[1] Based from the bank withdrawal data from October to December 2019-2021

^[2] Unfit banknotes have any one of the following characteristics: soiled, limp, stained, with obvious writings, and with faded print. Unfit coins have markings and signs of corrosion. For more information, see the currency fitness guide at https://www.bsp.gov.ph/Coins%20and%20Notes/Educational%20Campaign/Philippine%20Currency%20Guide.pdf