The Bangko Sentral ng Pilipinas (BSP) has reiterated its appeal for assistance in looking for a possible site of the BSP Office in Tagbilaran City, Bohol.
This, after BSP Regional Director Leonides Sumbi informed the Central Visayas Regional Development Council (RDC)-Economic Development Committee the initial proposals they received did not meet the BSP’s requirements.
Some were in areas considered unsafe while others proved too expensive.
Sumbi said a 1994 Monetary Board resolution approved the establishment of a BSP branch in Tagbilaran City. She requested EDC member support in looking for a BSP branch site.
She mentioned the recent lapsing into law of the Exact Change Act has increased demand for BSP sourced coins among businessmen. Without the Tagbilaran branch, coins for Bohol are shipped through the Cebu BSP.
Sumbi said the Bohol Chamber of Commerce and Industry has helped the BSP in its search. The BSP is open to office swap schemes with other government agencies.
She requested that this concern be shared with all RDC council members to speed up the search process.
A BSP office in Bohol would help ease transactions with BSP Cebu, the largest regional BSP office outside Manila. It would facilitate the circulation of better quality banknotes and coins in the province.
It should also reduce the risk of transporting money from Cebu and Dumaguete City in Negros to Bohol. Moreover, Boholanos will have easier access to newly minted bills and coins and surrender counterfeit notes.
Bohol Gov. Edgar Chatto said since he became governor in 2010, the province has lobbied for the establishment of a branch in Bohol.
This was even included in the province’s development plan. Aside from the high cost of land, BSP officials have cited nonsuitability as reason for rejecting the areas proposed to them as possible BSP office site.