The Bangko Sentral ng Pilipinas (BSP) has arranged a five-year currency management agreement with Royal Canadian Mint (RCM) for the country’s coin and gold refining operations.
In a statement on Monday, Feb. 3, the BSP said it has signed a memorandum of understanding (MOU) with RCM on Jan. 22, 2025.
It noted that the five-year partnership “aims to foster collaboration between BSP and RCM, focusing on sustainability practices, cost-effective currency production, gold processing operations, and commemorative coin production.”
The MOU will focus on both BSP and the Ottawa-based RCM’s collaboration on technology exchange, staff training and exchange, and sharing best practices, expertise, and technical and capacity-building assistance, said the central bank.
BSP Governor Eli M. Remolona Jr. and RCM president and CEO Marie Lemay signed the MOU during an online ceremony. Other BSP and Department of Foreign Affairs officials also attended the signing event.
This was the third MOU that BSP under Remolona has forged. In Oct. 23, 2024, the BSP signed an MOU with Banque de France and with Bundesdruckerei GmbH on Oct. 10, 2024.
RCM is Canada’s coin minter and distributor, as well as a partner for some 80 countries in coin production and innovation.
Meanwhile, the Banque de France is the central bank of France and a banknote printer in the Eurosystem while Bundesdruckerei GmbH is the German government banknotes printer.
Remolona has said previously that circulating and producing banknotes and coins remain an important responsibility of the BSP despite its efforts to shift as much of retail payments into electronic transactions using digital money.
Based on a report, the BSP’s currency production deliveries reached P781.6 billion worth of banknotes or about 1.9 billion pieces in 2023, and another P10.3 billion worth of coins or 1.8 billion pieces. The currency production increased by 0.9 percent year-on-year for banknotes and 46.4 percent for coins.
The 2024 data on currency management is not yet available.
At the moment, the BSP prints banknotes and mint coins at its six-hectare East Avenue, Quezon City Security Plant Complex (SPC), built since the 1970s.
To modernize banknotes printing, the BSP will develop a P25-billion 31.2-hectare new Currency Production Facility (CPF) in New Clark City in Capas, Tarlac.