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BSP outsourced 62% of banknotes in 2020


Published July 6, 2021, 8:00 AM
To ensure adequate supply of physical money during the pandemic, the Bangko Sentral ng Pilipinas (BSP) outsourced 62.2 percent of banknotes from foreign printers last year, printing only 34.7 percent locally, according to a BSP report.
This is in contrast to what is considered “normal times” when BSP will print most of the country’s banknotes requirements. In 2019 it produced 65.7 percent of banknotes and only outsourced 34.3 percent.
The BSP outsource currency printing as a temporary stop-gap measure to meet surges in currency demand such as in the 1,000-piso and 500-piso. Last year, when the COVID-19 health crisis forced its Security Plant Complex (SPC) in Quezon City to implement reduced workforce as part of health protocols, it had to outsource most of its banknotes. ....

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BSP governor: Philippines will be coinless by 2025 | Philippines Lifestyle News


January 13, 2021
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said Wednesday the Philippines would be a coinless society by 2025.
He said that by that time, small transactions would be done by quick response (QR) codes which will be available through the national identification system.
Diokno said in an interview with BusinessWorld that the COVID-19 pandemic has pushed the country to implement digitalize financial transactions since contactless payment solutions would prevent the spread of the disease.
“Talking of cashless society, maybe not within my lifetime but I can assure you maybe a coinless society by 2025 for sure because that will be replaced by the QR Code PH which we are pushing to get our national ID,” he said. ....

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