P20 coins now ready for 2020 — BSP

Marje Pelayo   •   December 31, 2019   •   1376

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has announced that P20 coins are ready for circulation come January 1, 2020.

The newest addition in the BSP’s coin series may now be used as legal tender along with the P20 paper bill.

The BSP earlier said the production of coins are more cost-efficient since it can be in circulation for a longer period of time unlike the P20 paper bill which is prone to damage being the most used denomination.

BSP consumer chatbot now on live run to address complaints vs financial institutions

Aileen Cerrudo   •   August 20, 2020

The Bangko Sentral ng Pilipinas (BSP) has fully deployed its consumer chatbox which aims to address complaints against BSP-Supervised Financial Institutions (BSFIs).

The chatbot called the BSPS Online Buddy (BOB) can efficiently handle queries sent through the webchat in the BSP Website, SMS, or social media. BOB can also respond to queries and complaints in English, Tagalog or Taglish.

BOB may be accessed through the following: 

  1. BSP Webchat –  http://www.bsp.gov.ph/]
  2. SMS – 21582277 (for Globe subscribers only; BOB will also be made available for other network subscribers soon)
  3. BSP Facebook – https://www.facebook.com/BangkoSentralngPilipinas/

“Aside from enhancing BSP’s quality of service, BOB empowers financial consumers by giving them a more accessible channel for raising complaints. This is in line with BSP’s commitment to pursue innovations in financial services for the benefit of Filipinos,” according to BSP Governor Benjamin E. Diokno. -AAC

Washing, soaking money to disinfect violates the law, BSP warns

Marje Pelayo   •   August 19, 2020

MANILA, Philippines —The Bangko Sentral ng Pilipinas (BSP) advises the public to refrain from soaking banknotes in detergent soap, bleach solution and other chemicals.

“Iwasang ibabad o wisikan ang salaping papel at barya ng tubig at sabong panlaba, alcohol, bleach, at iba pang kemikal (Refrain from soaking or misting paper bills or coins with soap, alcohol, bleach or other chemical solutions),” the agency said in its advisory.

The BSP said washing or laundering money may destroy its features and such an act would constitute a penalty under the Constitution.

“Ang pamamaraang ito ay itinuturing na ‘acts of mutilation or destruction of Philippine currency'” at may kalakip na kaparusahan alinsunod sa probisyon ng PD No. 247 (This method is considered an “act of mutilation or destruction of Philippine currency” and is punishable under the provision of PD. No. 247),” the agency added.

Fear of the coronavirus disease (COVID-19) has led to creative approaches to avoid infection.

However, the BSP says washing money is not a good idea.

Under Presidential Decree 247, any act of defacing, mutilating, tearing, burning or destroying central bank notes and coins incurs a fine of more than P20,000 and/or by imprisoned for not more than five years.

Instead of washing, the BSP recommends maintaining proper hygiene and practicing proper hand washing after touching bank notes and coins.

“Para maiwasan ang pagkalat ng #COVID19, kailangang gawin ang proper hygiene at ituring ang pera na katulad ng ibang mga bagay na laging hinahawakan (To avoid the spread of COVID-19, it is important to practice proper hygiene and treat bank notes as regular objects that are frequently touched),” the agency said.

“Ugaliin ang paghuhugas ng kamay at pag-iwas sa paghawak ng mukha pagkatapos humawak ng pera (Practice regular hand washing and refrain from touching your face after touching money),” it added.

OFW remittances recover in June after three-month decline —BSP

Marje Pelayo   •   August 18, 2020

MANILA, Philippines – Personal remittances from overseas Filipinos (OFs) bounced back in June after three consecutive months of decline, the Bangko Sentral ng Pilipinas (BSP) announced Monday (August 17).

According to the report, remittances from OFs increased by 7.6% in June 2020 to US$2.737 billion from US$2.545 billion in June 2019. 

The growth was attributed mostly to the remittances from land-based workers with work contracts of one year or more.

However, cash in-flows from sea-based workers dropped by 13.1% from US$593 million in June 2019 to US$515 million this year “due to the repatriation of many sea-based workers amid the ongoing COVID-19 pandemic.”

By country source, remittances for January to June 2020 from the United States, Japan, Singapore, Oman, and Taiwan were among the countries that registered continued growth.

However, the highest decline in OF remittances was noted in Saudi Arabia, the United Arab Emirates, Kuwait, Germany, and the United Kingdom.   

The highest share to total OF remittances at 39.7% for January to June 2020 emanated from the US, followed by Singapore, Saudi Arabia, Japan, UK, UAE, Canada, Hongkong, Qatar, and Taiwan.

The combined remittances from these countries accounted for 78.9% of total cash remittances.


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