The Bangko Sentral ng Pilipinas (BSP) continues to issue more fresh banknotes to enable the public to exchange old for crisp ones through their banks. Additionally, the BSP continues to issue lower-denomination banknotes amid unusually high demand for these.
The BSP urges the public to exercise vigilance against parties exchanging banknotes for a fee. Exchanging banknotes through banks is free of charge.
The BSP also encourages the public to consider using digital or electronic money in sending cash gifts to their godchildren, friends, and family members. Sending e-money is a safer and more convenient way of gift-giving for both the givers and the recipients.
There are 324 million e-money accounts in the Philippines as of end-September 2023. These accounts may be conveniently used for paying digitally for goods and services as well as for monetary gifts.
