The Bangko Sentral ng Pilipinas (BSP) has signed a five-year Memorandum of Understanding (MOU) with German banknote printer Bundesdruckerei GmbH, focusing on payments and currency management.
BSP Governor Eli M. Remolona Jr. and Bundesdruckerei Chief Financial Officer Christian Helfrich formalized the agreement on October 10, 2024, at the BSP head office in Manila.
Governor Remolona emphasized the ongoing relevance of physical currency, despite efforts to increase electronic payments. “The need for banknotes will continue for a long time to come, even as we shift more payments to electronic form,” Remolona said.
He added that BSP is “proud to partner with Bundesdruckerei, a leader in providing modern currencies to the world, at a time when banknotes should be more secure, more durable, and even more sustainable.”
Under the MOU, the two organizations will collaborate on various aspects of currency and payment systems, including banknote production, digital payments infrastructure, and research and development on both digital payments and banknote materials.
Additionally, BSP and Bundesdruckerei aim to exchange technology and expertise, share legal insights related to currency management, and participate in staff training programs.
The agreement also highlights the importance of such cooperation in supporting economic recovery efforts following the pandemic, with both countries benefiting from enhanced currency and payments systems.
This partnership marks another step in the BSP’s goal to strengthen its financial infrastructure while addressing the evolving needs of a digital economy.
