Demonitizing large peso notes may harm economy, says BSP - BusinessWorld Online

BSP wary of proposal to phase out large peso bills

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) appeared wary of proposals to withdraw large-denomination peso bills from circulation as a supposed deterrent to corruption, with Governor Eli Remolona Jr. warning that such a move could do more harm than good. Speaking to reporters on Monday, Remolona said the idea, while still under discussion, […]...Keep on reading: BSP wary of proposal to phase out large peso bills

Demonitizing large peso notes may harm economy, says BSP - BusinessWorld Online

DEMONETIZING P1,000 and P500 bills as an anti-money laundering measure may bring more harm than good to the economy, a top Bangko Sentral ng Pilipinas (BSP) official said. “It’s a tantalizing proposal, but it’s not so simple,” BSP Governor Eli M. Remolona, Jr. told reporters on Monday. “To me, it’s like, you know the saying, you cut off your nose just to spite your face. You’re doing more damage than benefits.” Mr. Remolona made the statement in…