Banks seen to benefit from BSP plan

MANILA, Philippines - Banks are seen cutting costs and saving time on the Bangko Sentral ng Pilipinas’ planned Cash Management Center, a central bank official said.

BSP Deputy Governor Diwa C. Guinigundo told reporters the central bank is aiming to start offering enhanced cash management services to banks by the end of this year.

“We will be launching a Cash Management Center and this will be housed in (the BSP branch in) Quezon City,” Guinigundo said.

“This will adopt and implement a new operating technology... to enhance the existing menu of services being offered to banks,” he continued.

In particular, the new services will include the acceptance of unsorted banknote deposits for a fee and the extension of operating time to accept deposits and service withdrawals.

Moreover, the BSP plan to shorten the turn around time of cash verification, which in the past, usually runs for six months, Guinigundo noted.

“A faster turn around time contributes to a more cost-effective cash management system,” he said, adding new machines allow for faster verification of two months and even for just one month.

There will also be option to withdraw banknotes in casette-ready form, which cuts the time banks need to prepare them for stocking automated teller machines (ATM), Guinigundo said.

At the same time, the BSP plans to introduce bar-coded strip seal packaging cash deposits to intensify security.

The new measures are aimed to help banks cut on cost and help them deliver money faster to their branches and ATMs, Guinigundo said.

The initiatives are part of the BSP’s proactive currency management, providing adequate and timely supply of good quality currency.