BSP urges public: Don’t deposit bills with staple wires, cellophane tapes
CEBU CITY, Philippines—Banks will no longer accept mutilated bills with staple wires or adhesives like cellophane tapes, Bangko Sentral ng Pilipinas Regional Director Leonides Sumbi said in a press conference on Wednesday, May 8.
Sumbi issued the warning since they expect a rise in the use of mutilated bank notes during the election on Moday, May 13.
But she would not say if she was referring to bills that are used in vote-buying.
While the BSP has been getting mutilated bills during the non-election years, the number of bills with staple wire and cellophane tape rises considerably after each election, Sumbi said.
Sumbi also warned the public against the circulation of counterfeit bills during the election season. She asked the public to always be check the paper bills that they possess including smaller bills of only P20.
Sumbi said the volume of mutilated bank notes declined during the 2016 elections after the Bangko Sentral refused to accept these bills from the banks.
According to Sumbi, they decided to notify the public again this year so they would no longer have any problem in depositing their paper bills after Monday’s election.
Bangko Sentral also considers bank notes that are soiled, stained, with writings on it, with faded print and those that are with heavy folds or crumpled as unfit for use in transactions. These bills should already be surrendered to the nearest bank for replacement.
On the other hand, they also considered as mutilated notes those that are charred or decayed, with tear or holes, missing parts and shrunken.
These banks notes have to be submitted to any bank for analysis by Bangko Sentral, she said.
Sumbi, however, noted that in this case, it would take months for the analysis to be completed and for the holder/owner of the mutilated bill to receive the replacement bill.
She added that replacing the mutilated and unfit bills withdrawn from circulation would cost money since Bangko Sentral has to spend from P4 to P4.50 for the printing of a bank note. /dcb
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