Manila: The public can exchange unfit banknotes without any charge, the Bangko Sentral ng Pilipinas (BSP) said Monday. 'The public is encouraged to transact with BSP-authorized banks for currency exchange to avoid 'service fees' imposed by individuals or other parties,' it said in a statement.

According to Philippines News Agency, the BSP assured the public that it continues to produce fresh banknotes and coins to make these available in banks in anticipation of the expected surge in currency demand during the Yuletide season. The BSP also called for people to use digital or e-money as cash gifts to their godchildren, family, and friends instead of giving actual cash in envelopes.

The BSP emphasized that using e-wallets and online banking offers a safe and more convenient way to send cash gifts during the Christmas season. This initiative is part of the BSP's broader efforts to encourage digital transactions and reduce reliance on physical cash.