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FACT CHECK: BSP still issuing fresh banknotes, small denomination bills

Rappler.com

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FACT CHECK: BSP still issuing fresh banknotes, small denomination bills
In a press release issued on December 20, the Bangko Sentral ng Pilipinas clarifies that they continue to release lower denomination bills due to the current high demand

Claim: The Bangko Sentral ng Pilipinas (BSP) is encouraging the public to use P200 bills as new banknotes – particularly the lower-denomination P20, P50, and P100 bills – will not be available until yearend. 

Rating: FALSE

Why we fact-checked this: The claim was made in a Facebook post on December 19 and has 149 shares, 31 reactions, and 8 comments as of writing. Several Facebook accounts have also reposted the claim, which began circulating on December 18, seven days before Christmas. 

The post claims to be an advisory from the BSP. The text in the image says: “Announcement. For everyone’s information and expectation… new bills, small denominations 100s, 50s, and 20s will not be available until end of this year. BSP is encouraging to use 200s to equalize public usage and production. Only big bills 1,000s, 500s, and 200s are available.”

The facts: In a press release issued on December 20, the BSP clarified that it continues to issue fresh banknotes, including lower-denomination bills, contrary to the claim made in the Facebook post.

“Additionally, the BSP continues to issue lower-denomination banknotes amid unusually high demand for these,” the statement read.

The BSP said this would enable the public to exchange old banknotes for crisp ones through their banks. The central bank also said that exchanging banknotes through banks is free of charge, and cautioned against transacting with those exchanging banknotes for a fee. 

E-money encouraged: Despite the issuance of more fresh banknotes, the central bank encourages the public to consider sending cash gifts to their godchildren, friends, and family members via digital or electronic money. “Sending e-money is a safer and more convenient way of gift-giving for both the givers and the recipients,” BSP said. – Ailla Dela Cruz/Rappler.com

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