BSP plans to set up office in Bohol

CEBU, Philippines - The Bangko Sentral ng Pilipinas is now planning to set up an office in Bohol province to minimize the risk of transporting money from Cebu and Dumaguete to Bohol.

This was one of the things discussed yesterday during the fourth quarter full council meeting  of the Regional Development Council in Central Visayas.

According to the RDC, putting up a Central Bank office in Bohol will result into better quality of banknotes and coins in circulation and easier access for Boholanos to exchange their unfit bills and coins and to surrender counterfeit and doubtful notes.

It would also make less expensive for Bohol banks to deposit their old notes and coins.

Furthermore, an office in Bohol would also allow easier accessibility of the central bank in gathering data and statistics in the province and dissemination of information on its advocacies.

The central bank is looking for a suitable site that will meet certain criteria on lot area (which should be at least 5,000 square meters), location, configuration and site conditions.

The RDC noted that the lot area should have at least one major road leading to it; should be near the banking community; and within one kilometer radius from the commercial center.

BSP-Cebu regional office currently serves the banks base in Cebu and Bohol.

The central bank already has a branch in Dumaguete City, which serves Negros Oriental and Siquijor.

BSP's entry is also seen to improve the flow of currency in the province.

Withdrawal

Data would show that banks' cash withdrawals from the BSP-Cebu from January to August this year amounted to P38.7 billion.

Based on the data from BSP-Cebu, total withdrawal of banknotes during the eight-month period totaled P38.66 billion or a total of 115,947,400 pieces.

Coins withdrawn from BSP-Cebu also reached 46,098,600 pieces or P82.77 million.

In the first eight months of 2016, BSP-Cebu received a P19.47-billion worth of banknotes shipments. Shipments of coins totaled P71.08 million.

The Cebu Bankers Club earlier projected that money in circulation will double this Christmas season.

Normally, supply of money increases during the Christmas season when consumer spending usually rises as people receive bonuses.

November and December cash withdrawals are double than the other months of the year, according to CBC. (FREEMAN)