BSP ensures sufficient money supply in typhoon affected areas

There is enough money in the areas affected by Typhoon Odette, the Bangko Sentral ng Pilipinas (BSP) assured on Thursday.

“Amid power and internet outages, BSP offices and branches continue to fully support the foreign exchange needs of banks in Visayas and Mindanao,” the Central Bank said in a statement on Thursday.

The BSP expressed its readiness to help banks with their foreign exchange needs, by providing comprehensive counter services.

He reminded banks in typhoon-hit areas to ensure the availability of cash in their automated teller machines (ATMs) to meet the public’s withdrawal needs.

“The central bank is committed to meeting foreign exchange demands in the typhoon-hit provinces to support the immediate recovery of the affected areas,” the BSP added.

Meanwhile, financial institutions have mobilized initiatives to provide assistance in the provinces of Visayas and Mindanao which were affected by the typhoon.

Fintech Alliance Philippines recently announced that it has partnered with the Philippine Disaster Resilience Foundation (PDRF), Rizal Commercial Banking Corporation (RCBC) and other financial institutions to raise relief funds.

“What happened in the VisMin area over the past few days when Super Typhoon Odette ravaged the country is unfortunate especially as we are about to celebrate Christmas. We are one with thousands of our kababayans to recover stronger from this disaster,” said Fintech Alliance Philippines President Lito Villanueva.

“The Alliance urges our partners and members to join the campaign and use our networks to appeal for donations and financial assistance that will benefit families in devastated areas. It is in times like this that we can truly experience the true meaning of Christmas,” he added.

YGG (Yield Guild Games) Pilipinas, an association of players of a play-to-earn cryptocurrency game, has accumulated 31 million pesos in donations. He coordinated with government agencies and different organizations to send relief to typhoon victims.

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