Demand for traditional cash will soon pare given the increasing utilization of modern technology for day-to-day transactions.
The country’s supply of local currency banknotes will remain adequate even with the coming yuletide season, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Monday.
“(There) is enough money and there will be enough new money for Christmas,” Diokno said.
According to the central bank, it partially outsources the production of banknotes from other countries, similar with other central banks’ practice in order to meet surges in demand for such.
Also, the BSP chief explained that demand for traditional cash will soon pare given the increasing utilization of modern technology for day-to-day transactions.
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“My own prediction is the demand for cash will decline progressively rather than increase. Does it make sense when 50 percent of our transactions are already onboard digitally? You won’t need much cash anymore,” Diokno said.
Earlier, the BSP announced the transfer of its currency production facility from Quezon City to New Clark City, Tarlac. The relocation reflects the central bank’s continuous investment and aim to upgrade its capacity for coin and banknote production.
In terms of the much-awaited release of P20 coin, Diokno reiterated that it will be revealed this December, “in time for Christmas.”
“The decision has been made and approved by the President. I think this December, it will be out,” the BSP chief said.
“We don’t have a timetable yet (in terms of phasing it out) but we will gradually decrease its supply given its short life span in the market circulation,” he added.
Sought for comment in terms of the P200 peso bill’s fate, Diokno said that they won’t weed it out despite low utilization.
“We won’t phase out the P200 but definitely, we will reduce its production. Even right now, its production rate is low. Not many people like to (use it). You won’t see it on ATM (automated teller machines) anymore,” the central bank chief explained.
