BSP to assign cash unit in Palawan

PUERTO PRINCESA CITY, 16 Dec. (PIA) -- Talks are going on for the acquisition of a property here where Bangko Sentral ng Pilipinas (BSP)will put up its cash unit, a BSP director recently bared in a forum.
Businessmen from the province have asked BSP to establish its cash unit here to meet the needs of the growing banking business particularly in this city which has as main attraction the Puerto Princesa Underground River which recently was voted among the New Seven Wonders of Nature.
Incoming president Mar Anonat of the Palawan Bankers Club told BSP Director Antonio Cintura during the Philippine Economic Briefing that paper bills circulating in the province are already old and worn out. "Lukot-lukot at lumang-luma na ang perang nagsi-circulate dito," (The bills being circulated here are old and crumpled),he noted.
He also said that shortage of coins forces business establishments like groceries and stores to give candies as change.
Cintura said the BSP would start the cash unit project as soon as talks with the property owner are concluded.
The lack of paper bills and coins is being felt in far-flung areas, it was observed by the Philippine Information Agency.
In the capital island town of Romblon where only one bank branch is operating, the ATM machine only dispenses worn out P100 bills.
Broadcaster Dennis Manzo said he seldom sees crisp bills of P500 and P1,000 being dispensed by the machine where people bear for long queues most of the time.
"Hindi tulad sa inyo na makapamili ka ng ATM machine," he sighed.
In Metro Manila and other key cities, new and crisp P1,000 bills are already circulating. The newly-designed bills also started circulating some months back.

by Danny O. Sagun (DOS/PIA Mimaropa)