BSP urges public to use digital money for cash giveaways – UNTV News

BSP urges public to use digital money for cash giveaways

Robie de Guzman • November 22, 2021 • 806

Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Monday called on the public to use its digital wallets to send cash gifts this holiday season.

BSP said using digital money as an alternative means of delivering cash gifts is “highly recommended to reduce physical contact and virus transmission between donor and recipient” amid the continuing threat of COVID-19.

“Digital wallets offer a safe, secure, efficient and convenient way to transfer funds to family and friends during this season of giving,” BSP Governor Benjamin Diokno said in a statement.

The central bank said the widespread use of digital currency is in line with its goals of transforming digital payments and financial inclusion.

Citing the latest reports, BSP said it had met its goal of reaching 20% ​​of digital payment volume by 2020, largely through high-frequency, low-value retail transactions via electronic funds transfers.

“The BSP remains committed to catalyzing the digitization of payments and digitizing at least half of all transactions by 2023 in its drive to promote a more inclusive and technological Philippine economy,” he said.

BSP ensures an adequate supply of foreign exchange in the areas affected by the typhoon

Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) assured Friday that there was an adequate supply of cash in the areas affected by Typhoon Odette.

In a statement, the BSP said it was determined to meet demands for foreign exchange to support the immediate recovery in the typhoon-hit provinces.

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

“Amid blackouts and Internet connection, BSP offices and branches continue to fully meet the foreign exchange needs of banks in Visayas and Mindanao,” he added.

The central bank has also ensured that it is ready to help banks in terms of providing full teller services.

In this regard, the PASB reminded banks in the affected areas to take measures to ensure the availability of cash at their ATMs and to meet the withdrawal needs of the public.

At least 326 people are believed to have died and millions of pesos were lost when Odette clubbed parts of the Visayas and Mindanao last week.

BSP asks the public to be vigilant as it checks the reports of false invoices of 1000 P1

Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday advised the public to be vigilant when receiving banknotes following reports circulating on social media about counterfeit 1000 P notes.

In a statement, the BSP said the public should carefully check the security features of banknotes to ensure their authenticity.

The central bank said it was checking reports circulating through messaging apps and social media platforms on the alleged counterfeit banknotes with the same serial number and all ending in -2507.

“All those responsible for making and spreading these counterfeit banknotes into the public will be investigated, prosecuted and dealt with by law accordingly. As such, re-posting or subsequent sharing of this photo or corresponding post on social media with malicious intent is strongly discouraged, ”BSP said.

The BSP has asked the public to report those involved in the manufacture and / or distribution of counterfeit Philippine currency.

“The public can contact the BSP Payments and Currency Investigation Group at [email protected],” he said.

BSP campaigns for customer orientation in financial services

Manila, Philippines – Amid growing skepticism about bank security, the Bangko Sentral ng Pilipinas (BSP) once again urges the financial services industry to continue a customer-centric campaign (C3).

In a statement, the PASB said “C3” is a fundamental aspect of a digitally inclusive financial economy.

BSP Governor Benjamin Diokno explained that “customer orientation is a culture that seeks to foster positive and satisfying customer experiences”.

“This helps ensure that underserved and unserved low-income Filipino families feel secure and empowered to access financial services,” he added.

The statement added that as part of its roadmap for the transformation of digital payments, the BSP is targeting a shift to 50% of retail payment transactions digitally and 70% of Filipino transaction account ownership. adults by 2023.

In a previous statement, the county central bank said that a “customer-centric financial institution takes the needs and well-being of its customers into account when designing products and services; when making policy and investment decisions; and increasing efficiency in all aspects of its operations, including efficient repair ”. – / mbmf