BSP And German Banknotes Printer Sign Partnership Agreement

The Bangko Sentral ng Pilipinas (BSP) and German government banknote printer Bundesdruckerei GmbH have signed a Memorandum of Understanding (MOU) on payments and currency management at the BSP head office in Manila.

Right to left: BSP Governor Eli M. Remolona, Jr. signed the MOU with Bundesdruckerei GmbH Chief Financial Officer Christian Helfrich. I Photo: Bangko Sentral ng Pilipinas

Governor Remolona emphasized that the BSP recognizes “the need for banknotes for a long time to come,” even as the central bank strives to “shift more and more payments to electronic form.”

He added, “The BSP is proud to partner with Bundesdruckerei, a leader in providing modern currencies to the world, at a time when banknotes should be more secure, more durable, and even more sustainable.”

Under the MOU, the BSP and Bundesdruckerei GmbH will collaborate on various aspects of currency management and production, securities management, digital payments infrastructure, and research and development on digital payments and banknote substrate.

The agreement also includes provisions for technology exchange, staff exchange and training, and sharing information on legal aspects related to payments and currency management.

Other areas that promote mutual support, best practice sharing, expertise development, and capacity building or technical assistance, are also part of the terms.

The MOU, effective for five years, underscores the importance of cooperation in payments and currency management to enhance the roles of government entities in the post-pandemic economic recovery and sustain the growth of both economies.