MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Monday announced that the 20-peso coin will be released in circulation in 2020 after its ceremonial launch in December.
In a statement, the BSP said once it is released, the new 20-peso coin will co-exist with the P20 New Generation Currency (NGC) banknotes as legal tender.
The P20 will be gradually removed from circulation through natural attrition, the central bank added.
Citing a study conducted by the University of the Philippines, the BSP noted that the P20 banknote is the most-used denomination for payment so it is easily rendered unfit for circulation and returned for replacement.
“The issuance of a coin in lieu of a banknote is more cost-efficient in terms of currency production in the long run,” the central bank explained.
Official photographs and specifications of the 20-peso NGC coin will be presented by BSP Governor Benjamin Diokno during the launch.
The BSP assured that the new 20-peso coin will retain “major elements” of the bill, and will contain features that are “easily distinguishable” from other coins.
Apart from the new coin, the central bank is also set to release an “enhanced” version of the P5 coin to make it “more distinct from other NGC coin series.
It said the changes were based on studies on the design, security features, and specifications of the new coins.
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it has relaxed the requirement for the presentation of a valid identification document (ID) for customer boarding and select transactions during the enhanced community quarantine period in Luzon.
In a statement, the BSP said this is to facilitate the delivery of welfare funds to identified beneficiaries who have no available valid IDs or transactional account with any financial institutions.
“The Bangko Sentral relaxed the Know Your Customer (KYC) requirements since the accounts involved are considered as low risk,” it said.
The policy is effective until June 30, 2020, the central bank said.
Under the relaxed KYC requirements, the BSP said it has introduced the following control measures to guard against money laundering and terrorism financing risks:
the transactions in the account shall not exceed P50,000.00 per day;
qualified customers are those who reside or conduct business in the area which has been declared to be under ECQ/CQ;
customers are required to certify that he/she has no valid ID; and
the customer’s account activities shall be subject to ongoing monitoring.
“Financial institutions are expected to obtain the required minimum information from the customer and perform risk-based customer due diligence,” the central bank said.
“The relaxed KYC requirements apply to both over the counter and electronic or online transactions,” it added.
The BSP said the move is part of its initiatives to ensure that Filipinos have continuous access to basic government and financial services amid the COVID-19 situation.
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Saturday urged the public to use e-banking and digital payment services amid the threat of novel coronavirus disease (COVID-19) in the country.
In a statement, the BSP said the use of digital banking enables the public to carry out needed financial transactions safely amid this public health crisis.
The central bank also assured that the banking industry will continue providing essential services to its clients, and that banks have activated their business continuity plans that aim to ensure deposit-taking, ATM withdrawals, check clearing, and other banking activities.
“The coronavirus outbreak is a public health crisis, not a financial crisis. Depositors are advised to remain calm as the banking system has the ability to serve all withdrawals within a reasonable period,” it said.
The BSP also said it is closely coordinating with the Bankers Association of the Philippines, Chamber of Thrift Banks and Rural Bankers Association of the Philippines for the industry’s current cash requirements.
“In addition, payment settlements continue to be performed through PhilPass,” the central bank said.
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Thursday announced it will temporarily suspend work and close its offices for two days to facilitate disinfection of its premises amid the spread of novel coronavirus disease (COVID-19) in the country.
In an advisory, the BSP said work at its head office and the Security Plant Complex has been suspended for Thursday, March 12, and Friday, March 13.
“The BSP, however, shall continue normal open market and Philpass settlement operations as well as the servicing of cash withdrawals by banks at the SPC,” it said.
The central bank’s move comes after its top official, Governor Benjamin Diokno, announced he will undergo a self-quarantine over concerns of exposure to the virus.
In a tweet Thursday, Diokno assured he is well and has not exhibited symptoms of novel coronavirus.
“I am glad to share that I am well & not manifesting any symptoms, although I decided to go on self-quarantine as a precautionary measure,” he said.
Diokno was among the government officials who attended the inspection of the North Luzon Expressway (NLEx) Harbor Link C3-R10 section last week with President Rodrigo Duterte, Finance Secretary Carlos Dominguez and Transportation Secretary Arthur Tugade.
Dominguez and Tugade earlier said they will go on self-quarantine as a precautionary measure after contact with an infected individual.
Malacañang also announced Thursday that Duterte will get tested for the virus even if he has shown no symptoms.
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