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BSP recommends shift to digital transaction to avoid cash amid COVID-19 pandemic

The Bangko Sentral ng Pilipinas has recommended to millions of Filipinos that they should try to do more online or digital transactions as much as possible to avoid handling cash amid the coronavirus disease or COVID-19 pandemic. 
 
The BSP also said that this would also help banks avoid customers who are hoarding cash and prevent ATMs from running out of money during the month-long quarantine period. 
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Bangko Sentral ng Pilipinas Governor Benjamin Diokno, however, assured the public that there’s enough cash even with the reduced working hours of BSP’s printing plant. 
 
“There’s enough cash. There’s also a risk if you hold a lot of cash. I would suggest that to the extent they can use, if they can transact business electronically then that’s better than holding cash,” Diokno told ABS-CBN News. 
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Diokno also urged banks to cancel or suspend all charges imposed on online banking, including the instapay and pesonet to encourage more consumers to use online banking transactions.

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