BSP advises consumers to plan and be prudent
The holiday season is peaking in the coming weeks. Long weekends are about to kick in.
And just as the upcoming Christmas rush perks up the spending mood, consumers are told to plan their shopping.
In a recent interview, Christine Tan, deputy director at the Bangko Sentral ng Pilipinas in Cebu, advised consumers to be "prudent" in their spending.
Tan said banks have already foreseen the rise in withdrawal traffic during the holidays.
"We advise the public to withdraw in advance for the long vacations," she said.
A long vacation is coming this week as people observe All Saints Day and All Souls Day on Thursday and Friday, respectively.
"Bankers are ready load up cash in our ATMs (automated teller machines)," he said.
She said all ATMs will be ready for the surge in withdrawals in time for the Christmas shopping rush.
Reloading of cash is mostly frequent in ATMs located in areas where foot traffic is heavy.
ATMs should be made available to the public 24/7 unless an ATM runs out of supply or undergoes system maintenance.
Bank withdrawals include payroll and personal transactions.
Tan also warned consumers to be vigilant against fake money.
"Know your money," she said.
Money in circulation is expected to increase during the peak Christmas season.
Supply of money normally increases during the Christmas season when consumer spending usually rises as people receive their bonuses.