BSP replaces 27,739 unfit, mutilated currencies

A total of 27,739 pieces of unfit and mutilated bank notes and coins were replaced with new ones during the Bangko Sentral ng Pilipinas (BSP) Piso Caravan on June 23 to 24 in Roxas City.

Based on the BSP Roxas Branch data, the currency exchange component of the caravan has involved the amount of P128,364.75 out of the 855 unfit and mutilated notes and 1,855 unfit and mutilated coins.

“Exchanging the dirty and damaged banknotes and coins with clean ones contributes immensely to the preservation of the integrity and public image of our Philippine currencies,” said BSP Roxas Branch acting area director Victor Ariel Dey.

He also called on the Capiceños to actively participate in the campaign against counterfeiting by immediately surrendering counterfeit money and providing information on the source of it to the BSP and law enforcement agencies.

During the caravan, Bangko Sentral ng Pilipinas – Regional Economic Affairs Staff head Gregorio Bacay III led the lecture session that was attended by financial service providers (FSP), government information officers and barangay officials, among others.

The learning sessions covered topics on Digital Payments and Cyber Hygiene Practices, BSP Clean Note Policy, BSP’s Coin Recirculation Program and 1,000-Piso Polymer Banknote and other related BSP advocacies.

“We have to make this message clear, that folded P1,000.00 polymer notes can be accepted for payment of goods and services,” he stressed, adding that the caravan intends that all Filipinos will rally in the promotion of currency integrity.

It also seeks to promote the BSP’s financial inclusion and digitalization advocacies through account – opening of digital wallets, online bank accounts and basic deposit accounts with invited FSPs. (AGP/AAL/PIA Capiz)