Filipinos urged to go digital in giving Christmas cash gifts

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MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) urges Filipinos to use electronic cash (e-cash) instead of physical money as “aguinaldo” or cash gifts during the Christmas season.

In a statement Wednesday, the central bank cited the usual increase in demand for new and clean banknotes and coins during the holidays as Filipinos traditionally give cash gifts to their grandchildren, families, and friends.

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“Sending cash gifts electronically is convenient and efficient, and it promotes a more digital and inclusive Philippine economy,” the BSP said.

The BSP also reminded the public that they can exchange banknotes and coins for crisp and new ones with their depository banks for free.

It assured the public that it continues to produce new banknotes and coins to cater to the higher demand for physical cash during this season. (PNA)