By Romeo Braceros Jr.

To eliminate the hazards associated with routinely carrying cash into and out of the island province, the Bohol Bankers' Association (BBA) has appealed to the Sangguniang Panlalawigan (SP) to address the matter.

In a letter to the SP, the BBA requested the support of the legislative body and included a resolution asking the BSP to "prompt the quick establishment of the branch."

“We are seeking the assistance of the SP to endorse this request to the national authorities as this is not only the dream of the BBA but also of the entire province of Bohol,” the BBA said.

The BBA board of trustees, including its president Juvie Calacat and vice president Ramie Cahate, signed the letter addressed to Vice Governor Victor Balite, the SP's presiding officer.

Banks in Bohol transmit cash physically five times a quarter to and from Cebu and Metro Manila, according to the BBA.

According to the BBA, Bohol has 100 banks, and most have been suffering and putting their security at risk to respond as swiftly as possible to the urgent needs of the banking public.

In addition, it stated that member banks "bravely move cash and transmit disfigured bills to Cebu or Metro Manila at the cost of P14,000 by boat and P35,000 by air every transfer."

The prolonged use of damaged bills in the province, which is against the BSP's "clean-note policy," has highlighted the ongoing need for new currency.

"Bohol province frequently employs unfit bills. According to the BBA, the public is outraged because member banks cannot provide coins to Boholano clients due to severe currency scarcity.

Due to the severe travel restrictions put in place during the height of the pandemic, there was a significant lack of currency in the province.

The BSP had already purchased a plot of land in Dauis and had a groundbreaking ceremony for the branch's envisioned construction in 2018. But the construction has yet to commence.