The country’s central bank has assured the public that there would be adequate supply of currency in line with the seasonal demand for fresh banknotes during the Christmas season.
In a statement issued Monday, the Bangko Sentral ng Pilipinas said the country’s currency supply also remained sufficient to meet the needs of a growing economy.
“Similar to the practice of other central banks that print their own currency, the BSP partially outsources the production of banknotes to meet surges in currency demand under domestic procurement regulations or international competitive bidding processes,” it said.
The BSP likewise continues to educate the public on the proper handling of banknotes under its nationwide “Clean Note Policy” as a multistakeholder initiative to minimize the cost of producing currency. The campaign is aimed at extending the life span of banknotes, thereby reducing the cost of currency production.
“The BSP continuously invests in and upgrades its capacity for coin and banknote production to further increase its agility in meeting the country’s currency requirements,” the central bank said. “Toward this end, the BSP plans to establish a larger currency production facility in New Clark City.”