The Bangko Sentral ng Pilipinas (BSP-Iloilo) has urged the public to exchange their mutilated coins and banknotes for brand-new BSP banknotes or digital cash.
BSP-Iloilo Area Director Joanne Marie Castelo, in an interview, said that the public can still exchange their old money even after the caravan as the BSP launched its month-long “Sinsilyo Kambyuhan Mo” program.
“For the whole month of July, every Wednesday and Thursday from 10 am to 12 noon sa office, pwede makakadto ang public to change their unfit coins to new notes para ma-mapping out namon sa mga alkansya and ma-recirculate ang coins,” Castelo said.
She added that BSP produced “millions of pieces of coins”, but most of them are already not in circulation as most people are keeping them inside their “piggy banks”.
Meanwhile, Castelo hinted that another “Piso Caravan” might be conducted, citing that the first two series of the event held in Iloilo City were received well by the public as many people participated to exchange their unfit coins and banknotes.
She also clarified that mutilated banknotes which can be exchanged are only those that comply with the 3S criteria: (1) at least 60% surface area; (2) a portion of the facsimile signature(s) is still present; and (3) the security thread is still present and not willfully removed.
Aside from exchanging their old coins and banknotes, the public were also given the opportunity to open digital wallets and online bank accounts with some participating financial service providers (FSP) such as Gcash, PalawanPay and Bank of the Philippine Island (BPI), and LandBank of the Philippines.
Castelo explained that the activity aims to build up the BSP Clean Note and Coin Policy, and the Coin Recirculation Program in order to preserve the country’s currency integrity, promote financial inclusion, and further digitalization advocacy. AAL/JNH/PIA 6 Iloilo
