The Bangko Sentral ng Pilipinas (BSP) has signed a memorandum of understanding (MOU) with Bundesdruckerei GmbH, Germany’s premier banknotes printer, to enhance payments and currency management.
The agreement was formalized on 10 October 2024, at the BSP headquarters in Manila, with governor Eli M. Remolona, Jr. and Bundesdruckerei CFO Christian Helfrich representing their respective institutions.
Governor Remolona emphasized the ongoing relevance of banknotes, saying, “While we transition to electronic payments, the need for secure and durable banknotes remains.” He noted the partnership with Bundesdruckerei is vital as it provides innovative solutions for modern currency challenges.
The MOU outlines collaborative efforts in several key areas, including currency production, digital payments infrastructure, and research on banknote materials. Additionally, the two entities will engage in technology exchanges, staff training, and information sharing to enhance capacity-building initiatives.
Set to last for five years, this partnership aims to bolster the capabilities of both institutions in the wake of the pandemic and support sustained economic growth.
