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With the holiday rush in full swing, the Bangko Sentral ng Pilipinas (BSP) has issued a public advisory confirming the availability of fresh banknotes in banks while strongly encouraging Filipinos to embrace digital alternatives for their holiday gifting.
In a statement released on December 22, 2025, the central bank addressed the annual surge in currency demand and issued warnings against unauthorized fees for banknote exchanges.
Free Exchange: BSP Warns Against ‘Service Fees’
The BSP emphasized that exchanging unfit banknotes through banks is free of charge.
The public is advised to transact only with BSP-authorized banks for currency exchange. This warning comes amidst reports of individuals or third parties imposing “service fees” for exchanging old bills for new ones.
Meanwhile, the central bank confirmed it continues to produce fresh banknotes and coins to ensure sufficient supply in banks, anticipating the traditional spike in demand during the Yuletide season.
The Push for ‘E-Aguinaldo’
In line with its long-term goal of a cash-lite society, the BSP is actively encouraging the public to use digital money or e-wallets for giving cash gifts to godchildren (inaanak), family, and friends.
“Using e-wallets and online banking offers a safe and more convenient way to send cash gifts during the Christmas season,” the advisory read.
This aligns with the BSP’s broader push for a 24/7 payment system, highlighted in recent forums where officials urged stakeholders to envision a seamless, round-the-clock real-time gross settlement (RTGS) system for the country.
Economic Context: Rates Cut as Consumer Confidence Dips
The holiday advisory comes against a backdrop of mixed economic signals in December 2025.
Earlier this month, the Monetary Board decided to reduce the BSP’s Target Reverse Repurchase (RRP) Rate by 25 basis points to 4.50 percent, citing a benign inflation outlook. November inflation was recorded at 1.5 percent, well within the government’s target range.
Despite the pessimism, remittance flows remain a bright spot. Cash remittances from Overseas Filipinos reached $3.17 billion in October, providing a critical boost to domestic consumption during the holidays.
This article is published on BitPinas: BSP: Fresh Banknotes Available for Christmas, Urges Public to Use ‘E-Aguinaldo’
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