BSP assures adequate supply of currency in typhoon-hit areas

Robie de Guzman   •   December 24, 2021   •   848

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday assured there is a sufficient supply of cash in areas affected by Typhoon Odette.

In a statement, the BSP said it is committed to meeting currency demands to support the immediate recovery in typhoon-struck provinces.​​

“The Bangko Sentral ng Pilipinas (BSP) assures the public that there is an adequate supply of currency in areas affected by Typhoon Odette,” it said.

“Amid electricity and internet connection outages, BSP offices and branches continue to fully service the currency requirements of banks in the Visayas and Mindanao,” it added.

The central bank also assured it is ready to assist banks in terms of providing full tellering services.

In relation to this, the BSP reminded banks in concerned areas to carry out measures to ensure the availability of cash in their ATMs and to service the public’s withdrawal needs.

At least 326 people reportedly died and millions of pesos were lost when Odette pummeled parts of the Visayas and Mindanao last week.

Bangko Sentral warns public vs printing of images of PH banknotes

Robie de Guzman   •   January 12, 2022

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday reminded the public that printing images bearing the likeness of Philippine banknotes is prohibited and may result in legal action.

The BSP issued the reminder after the National Bureau of Investigation, together with the BSP Payments and Currency Investigation Group (PCIG), arrested an individual suspected of selling money or cash envelopes using the image and design of the 1000-Piso New Generation Currency banknote.

Pursuant to BSP Circular No. 829, Series of 2014, the central bank said that the act of reproducing the image of any legal tender Philippine currency banknotes, or any part of one, whether in black and white, in color, or combination of colors, without authority or approval from the BSP, is subject to imprisonment of five to 10 years.

“The public may be allowed to reproduce images of Philippine banknotes if authorization or approval from the BSP has been secured for educational, historical, numismatic, newsworthy, or other relevant purposes that will maintain, promote, or enhance the integrity and dignity of the Philippine currency,” it said.

The public may request approval from the BSP to print or reproduce images of Philippine banknotes through the PCIG at email address pcig@bsp.gov.ph, it added.

BSP assures public access to banking services under Alert Level 3

Robie de Guzman   •   January 7, 2022

The Bangko Sentral ng Pilipinas (BSP) on Friday assured that the public will continue to have access to banking services amid the implementation of the COVID-19 Alert Level 3.

The BSP made the assurance after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases placed the following areas under Alert Level 3 due to the rising cases of COVID-19:

  • Metro Manila
  • Cavite
  • Rizal
  • Bulacan
  • Laguna
  • Baguio City
  • Dagupan City
  • City of Santiago
  • Cagayan
  • Angeles City
  • Bataan
  • Olongapo City
  • Pampanga
  • Zambales
  • Batangas
  • Lucena City
  • Naga City
  • Iloilo City
  • Lapu-lapu City

The alert level designation is effective until January 15.

The central bank also assured that its key services such as open market operations, PhilPaSS settlements, and servicing of cash withdrawals remain unhampered.

It likewise encouraged the public to use e-banking and digital payment services for safer and more efficient financial transactions.

The central bank further reiterates its directive to BSP-supervised financial institutions to “strictly observe minimum health protocols to safeguard the safety and well-being of bank personnel and customers.”

The BSP assured that it continues to implement strict COVID-19 measures in all BSP offices, including the vaccination of employees; regular sanitization of its premises; regular health screening through thermal scanning and submission of health declaration forms both for BSP employees and visitors; enhanced detection and contact tracing through regular testing; provision of comprehensive medical assistance; adoption of alternative work arrangements in keeping with IATF guidelines; and a sustained information campaign on protecting oneself from the virus.

Distribution of gov’t cash aid for victims of Typhoon Odette to begin this week — DILG

Robie de Guzman   •   January 6, 2022

MANILA, Philippines — The distribution of cash assistance for severely affected survivors of Typhoon Odette is expected to begin this week, the Department of the Interior and Local Government (DILG) said.

In his report to President Rodrigo Duterte during a meeting with Cabinet officials, DILG Secretary Eduardo Año said the P4.8 billion budget for the cash assistance program has already been downloaded to 420 cities and municipalities.

Año said the distribution was to begin Wednesday for LGUs that have already completed the list of beneficiaries.

Orientations on how the money will be handed out to beneficiaries have also been conducted, he added.

The cash aid will be given to low-income families who were badly affected by the typhoon. An individual may receive P1,000 while a family may receive P5,000.

Areas covered by the cash aid program are from 27 provinces in MIMAROPA, Western Visayas, Central Visayas, Eastern Visayas, CARAGA, and Northern Mindanao.

Concerned LGUs have up to 15 days to finish the distribution of the cash assistance.

Duterte said the cash aid is on top of the construction materials that will be given to the typhoon survivors to rehabilitate their homes.

The government will also provide roofing materials and lumber to the survivors, as well as the services of carpenters and shelter builders from the government, the president said.

Undersecretary Ricardo Jalad, Office of Civil Defense administrator, reported that there were 1,242,737 families or 4.8 million persons in 38 provinces affected by Typhoon Odette.

Some 475,160 displaced individuals are currently taking shelter in evacuation centers and with their relatives.

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