MANILA — The Bangko Sentral ng Pilipinas (BSP) on Monday reminded the public that exchanging unfit banknotes through authorized banks is free of charge.

The central bank urged Filipinos to transact only with BSP-authorized banks to avoid paying “service fees” charged by individuals or other parties.

The BSP said it continues to produce fresh banknotes and coins to ensure availability in banks in anticipation of higher currency demand during the Yuletide season.

The BSP also encouraged the public to use digital or e-money for cash gifts to godchildren, family, and friends, noting that e-wallets and online banking provide a safer and more convenient way to send money during the Christmas season.