BSP Calls on Filipinos to Pass Aguinaldo via E-Wallet Instead of Cash

The Bangko Sentral ng Pilipinas (BSP) advised Filipinos to pass Christmas aguinaldo through e-wallet rather than cash. In an interview with the press, BSP Gov. Felipe Medalla said the “economy becomes more efficient” when people use e-money. He also added that contactless transactions are more environmentally friendly.

Since the onset of the COVID-19 pandemic, millions of people worldwide (including low and middle-income economies) have turned to digital wallets and QR payments to complete their online transactions.

As per a Statista report, the Philippines made one of the highest mobile payments in Southeast Asia this year. With the rise of digital banks and e-wallets, the BSP hopes Filipinos will benefit from the online payment channels available nationwide.

Despite proposing the use of e-money, the BSP noted that they’ve produced “a lot of crispy money” for Filipinos who prefer giving actual cash this Christmas.

Meanwhile, registered financial planner Fitz Villafuerte said those who want to save the cost of a new purchase may regift an old item, provided it is wrapped well and in mint condition.