The Bangko Sentral ng Pilipinas (BSP) on Monday reminded the public that exchanging worn or damaged banknotes at banks is free. It advised people to go only to BSP-authorized banks to avoid paying illegal service fees charged by some individuals or groups.
The BSP said it is continuing to produce new banknotes and coins to ensure enough cash supply in banks, as demand usually increases during the Christmas season.
At the same time, the BSP encouraged the public to give cash gifts through digital or electronic money, also known as e-aguinaldo. Using e-wallets and online banking is a safer and more convenient way to send money to family, friends, and godchildren during the holidays.
