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Manila Bulletin - 2021-05-05

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BSP wants more banks to circulate 200-piso

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The Bangko Sentral ng Pilipinas (BSP) is waiving the service fees it apply to new and fit 200-piso banknotes to encourage banks and its clients to use it more. “We’re incentivizing the use of 200-piso since we have a huge inventory,” said BSP Governor Benjamin E. Diokno on Monday. Due to the unpopularity of the 200-piso or ₱200 as far as usage is concerned, the BSP’s inventory is “quite high” and suspending service fees is a way to manage the currency inventory, according to Monetary Board member, Bruce J. Tolentino. “We are trying to encourage banks and the people to use more ₱200 bills,” he added. Based on a new memo, until further notice the BSP’s cash department will not charge banks the service fees on the ₱200 for deposit and withdrawal transactions. The BSP currently apply a service fee of ₱40 and ₱28, respectively, for new and fit ₱200 banknotes. The ₱200 – which was first issued in 2002 — is one of the least used banknote out of six denominations, with the ₱100, ₱50 and ₱20 as the most circulated bills. Even the ₱500 bills has more mileage while the ₱20 banknote is the most popular that BSP decided in 2019 to release its coin version. (Lee C. Chipongian)

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