Exchange mutilated banknotes, coins through BSP’s Piso Caravan

By: Mary Rose Sagarino - CDN Digital Correspondent | July 07,2023 - 04:43 PM

BSP banknotes

Torn and mutilated banknotes and coins can be replaced with crisp bills and shiny ones through the Piso Caravan of the BSP at the second floor of the Mandaue City Public Market.  | Mary Rose Sagarino

MANDAUE CITY, Cebu — Do you have mutilated banknotes and coins? Have them exchanged with crisp bills and new coins through the Piso Caravan of the Bangko Sentral ng Pilipinas (BSP) Visayas Regional Office.

The BSP is encouraging the public to avail of the services being offered by its Piso Caravan Program on the second floor of the Mandaue City Public Market.

In line with the Piso Caravan, the BSP is redeeming mutilated bank notes and coins. This includes notes that have tears, holes, marks, and damage among others.

A few of those who availed of the service are Vicente Fila a vendor at the Mandaue City Public Market and Norecris Polvera from Barangay Ibabao-Estancia who is a sari-sari store owner and vendor.

They said that they are ashamed to refuse customers especially senior citizens who would pay with old or damaged bills.

Sally Cabria was also able to exchange her mutilated bills which she kept inside their cabinet that was not open for a long time.

“Naa sa pitaka pero nabasa, naa sa aparador nga wala na namo gigamit, nabantayan (nakit-an) nako nangalata na,” said Cabria.

The requirements for redemption of mutilated banknotes are as follows.
1. At least 3/5 or 60 percent of the note’s surface area
2. A portion of any facsimile signature
3. The security thread is not willfully removed.

The Piso Caravan of BSP at the Mandaue Public Market will last until Saturday, July 8.

The caravan is also being conducted simultaneously in different areas across the Visayas region including Dumaguete, Iloilo, Tacloban, Bacolod, Roxas, and Kalibo in Aklan.

The BSP aims to promote currency integrity and encourage the public the right way to handle and keep money.

“Kung baga, kuhaon namo ang mga hugaw sa sirkulasyun ug ilisan namo sa bag-o nga kwarta,” said BSP Visayas Region Bank Officer 5 Greg Baccay.

They are also targeting to partner with currency exchange centers such as pawnshops and malls among others.

“Atoang tuyo mura siya og stakeholder approach, if ever puhon naay ganahan mopartner, pwede na sad ang mga tawo magpa-ilis didto,” said Baccay.

The BSP is also holding a financial learning session for the market vendors and some of the city’s government offices who want to gain more knowledge about money.

Interested residents may also attend the orientation.      /rcg


Man arrested with P24,500 worth of fake bills in Cebu City

BSP to banks: Accept mutilated yet passable peso bills


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TAGS: Bangko Sentral ng Pilipinas, bills, BSP, Mandaue City, money

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