Ilocos residents urged to replace unfit, mutilated peso bills

By Leilanie Adriano

July 14, 2023, 7:15 pm

LAOAG CITY – The Bangko Sentral ng Pilipinas (BSP) is calling on Ilocos residents to replace their unfit and mutilated currency with fresh banknotes and e-money on Saturday, July 15 from 10 a.m. to 2 p.m.

The BSP is bringing the “Piso Caravan” for the first time at the Robinsons Place Ilocos as part of the currency exchange counter project of the BSP Batac Branch in coordination with Robinsons Ilocos.

Acting area director Cristamarie Tabilas-Abiva of the BSP Batac branch said in a statement Friday, unfit banknotes are money that is soiled, limp, stained or has faded print, obvious writings, or markings. Unfit coins, on the other hand, are those with corrosion or markings.

Classified as mutilated banknotes are those with adhesive and staple wires; charred or decayed; with tear, hole, or missing parts; and splitting of a substrate.

"The activity aims to promote recirculation of coins by flushing out idle coins from storage and strengthen the implementation of BSP Clean Note and Coin Policy, and Coin Recirculation Program,” she added.

The program aims to preserve the country’s currency while promoting digital payments.

It also seeks to promote BSP’s financial inclusion and digitalization advocacies through the account opening of digital wallets, online bank accounts and basic deposit accounts.

The BSP reiterated 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. (PNA)