UNFIT MONEY. Bangko Sentral ng Pilipinas (BSP) exchanging old unfit and mutilated currency during a caravan in Tacloban City on Friday (June 16, 2023). The activity is part of BSP's effort to preserve the country’s currency integrity. (PNA photo by Ading Riodeque, OJT)
TACLOBAN CITY – The Bangko Sentral ng Pilipinas (BSP) has brought its “Piso Caravan” to this city to replace unfit and mutilated bank notes and coins.
The two-day caravan that kicked-off Friday at the Robinsons Place Tacloban urged the public to conveniently replace their unfit currency with fresh banknotes and coins.
Unfit banknotes are money that are soiled, limp, stained, or have faded print, obvious writings, or markings. Unfit coins, on the other hand, are those with corrosion or markings, according to Erma Lagarto, BSP Cebu senior bank officer.
Classified as mutilated banknotes are those with adhesive and staple wires; charred or decayed; with tear, hole, or missing part; and splitting of substrate.
“The goal of BSP Piso Caravan is to ensure that people’s money are safe and clean. This caravan is a convenient way to do that,” Lagarto added.
Under Republic Act No. 7653, the BSP will retire or destroy all banknotes and coins found to be unfit, mutilated, or demonetized, including seized counterfeits.
This will ensure that only fit and legal tender banknotes and coins are circulated and used to purchase goods and services.
The BSP has continuously warned the public that the illegal defacement, mutilation, burning, or destruction of coins may be subject to imprisonment of up to five years and a fine of PHP20,000.
During the caravan, the public may also open digital wallets, online bank accounts and or basic deposit accounts with participating banks.
Aside from currency exchanges and digital wallets, other activities include learning sessions on BSP advocacy programs and bank account onboarding.
This is the 5th leg of BSP “Piso Caravan” in the Visayas.
Earlier, the Central Bank held caravans in Siquijor, Cebu, Iloilo, and Bacolod. (with reports from Roxanne Rojales & Ading Riodeque, OJTs/PNA)
