Bangko Sentral ng Pilipinas (BSP) Chairman of the Monetary Board and Governor, Amando M. Tetangco, Jr., and Bankers' Association of the Philippines (BAP) president, Aurelio R. Montinola III, signed a Memorandum of Understanding (MOU) on enhanced cash management services to banks on April 29, 2011, at the Executive Business Center, BSP Complex, Manila.
The BSP is offering these enhanced services for the benefit of the banking system and the public. The banking system's support in terms of patronizing these services will reap benefits through reduction of costs related to cash management.
This is a milestone in the banking industry as banks may now benefit from BSP's longer operating time, reduce operating costs due to lower need for manpower to sort and orient banknotes and to witness the verification process. They will also have the option to withdraw banknotes in cassette-ready form expediting the turn-around time in ATM replenishment. It will ensure the sustained implementation of the Clean Note Policy that will elevate the level of cash management services being offered to banks to being at par with global standards.