Banko Sentral ng Pilipinas

BSP assures enough money supply in typhoon-hit areas

THERE is enough supply of money in areas affected by Typhoon Odette, the Bangko Sentral ng Pilipinas (BSP) assured the public on Thursday.

“Amid electricity and internet connection outages, BSP offices and branches continue to fully service the currency requirements of banks in the Visayas and Mindanao,” the Central Bank said in a statement on Thursday.

The BSP said it is ready to assist the banks in their currency needs, providing full tellering services.
It reminded the banks in typhoon-struck areas to ensure the availability of cash in their automated teller machines (ATM) to meet the public’s withdrawal needs.

“The central bank is committed to meeting currency demands in typhoon-struck provinces to support the immediate recovery of affected areas,” the BSP added.

Meanwhile, financial institutions have been mobilizing initiatives to provide assistance in the Visayas and Mindanao provinces that were affected by the typhoon.

Fintech Alliance Philippines recently announced it has teamed up with the Philippine Disaster Resilience Foundation (PDRF), Rizal Commercial Banking Corporation (RCBC), and other financial institutions to raise relief funds.

“What happened in the VisMin region during the past days that Super Typhoon Odette ravaged the country was unfortunate, most especially that we are about to celebrate Christmas. We are one with thousands of our kababayans in getting back stronger from this disaster,” Fintech Alliance Philippines Chairman Lito Villanueva said.

“The Alliance urges our partners and members to join the campaign and use our networks in calling for donations and financial aid that will benefit families from the devastated areas. It is in times like this that we can truly live the real meaning of Christmas,” he added.

YGG (Yield Guild Games) Pilipinas, an association of gamers of a play-to-earn cryptocurrency game, has accumulated P31 million worth of donations. It has been coordinating with government agencies and different organizations to send relief goods to the victims of typhoons.