“We encourage our countrymen to take advantage of the ease and safety provided by digital finance in sending their cash gifts during the holidays,” according to the BSP.
Ninongs, ninangs and other gift-givers who intend to give cash as pamasko, as well as Filipinos who want to donate to charitable institutions, can transmit money conveniently through a wide array of digital payment channels available in the country.
These include interbank fund transfers through InstaPay and PESONet, electronic money issuers that are more commonly known as e-wallets, and QR Ph, which entails code scanning and offers consumers faster, easier and cheaper payment options.
QR Ph is based on the Europay-Mastercard-VISA standard, the global standard for secure payments.
The giving of e-aguinaldo supports the BSP’s broader thrust to foster the wider adoption of digital payments, which promotes financial inclusion and the efficient flow of funds in the economy.
The BSP pursues this under its Digital Payments Transformation Roadmap, which aims to convert at least half of the total volume of retail payments into digital form and to onboard at least 70 percent of Filipino adults to the financial system through transaction account ownership by 2023.
Meanwhile, the BSP assured the public that there is a sufficient supply of fresh banknotes and coins available this holiday season.
High demand in currency has always been noted especially during the Christmas season as spending and gift-giving normally soar.
“The demand for new currency soars during the Christmas season as Filipinos traditionally give pristine banknotes and coins as gifts or aguinaldo to their families and friends,” the BSP said.
Historical data showed that the uptick in currency demand begins in October and continues until December of every year.
Denominations with the highest demand during this period are the 1,000-, 100- and 50-Piso banknotes; and 20-Piso, 1-Piso, and 25-Sentimo coins. (KOC WITH PR)