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[av_heading heading=’BSP wants to recirculate your peso, centavo coins Public also reminded of ‘clean note’ policy as Christmas looms ‘ tag=’h3′ style=’blockquote modern-quote’ size=’30’ subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
By Rhick Lars Vladimer Albay
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Monday, November 6, 2017
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ILOILO City – The Iloilo branch of Bangko Sentral ng Pilipinas (BSP) is doubling down on the central bank’s mandate to bolster the recirculation and proper handling of the Philippines’ coins and notes by reaching out to the public.
“For the most part, our local function is the mapping out of unfit notes in circulation and implementing [the central bank’s] coin recirculation program,” said BSP Iloilo deputy director Joanne Marie Castelo during a presscon spearheaded by the Department of Trade and Industry 6 for their consumer awareness drive.
The executive explained that they are encouraging more Ilonggos to recirculate their low-denomination coins through their “Balik Barya sa Ahensya” and “Sinsilyo mo Kabyuhan ko” programs held once a week at different government agencies in Iloilo.
“Through ‘Balik Barya sa Ahensya’, we visit select government offices that may have a lot of lower denomination coins. There we offer to exchange their lower-denomination coins for bills,” relates BSP bank officer 2 Lowen Andrew June Ligad.
He further added that “Sinsilyo mo Kabyuhan ko”, is open to the public – every Tuesday, Wednesday and Thursday – from 9 a.m. to 11 a.m., wherein Ilonggos can visit the BSP’s Iloilo branch along Solis Street, Iloilo City to have their coins exchanged for brand new bills.
Deputy director Castelo explains that the cost of manufacturing Philippine centavo coins is often greater than their monetary value. When these lower-denomination coins are forced out of circulation due to being stored or accumulated by households, without being used or spent, the BSP is obligated to produce new coins to avoid a perceived shortage and meet the demands of the market.
“There is really a pressing need to recirculate these otherwise undervalued coins. We started last month at the Iloilo Provincial Capitol, where we managed to exchange more than 40,000 pieces of coins,” added Castelo. “After the capitol, we went to the City Hall, then to PhilHealth, then the National Economic Development Authority.”
‘CLEAN NOTE’ POLICY
Also, as Christmas looms – a holiday known to be a time when ninongs and ninangs gift their godchildren with new and crisp peso bills – BSP Iloilo is reminding the public of the central bank’s “Clean Note” policy.
According to the BSP’s guidelines, a currency note shall be considered unfit for circulation when:
- It contains heavy creases which break the fiber of the paper and indicate that disintegration has begun.
- It is badly soiled/contaminated and/or with vandalism / writings;
- It presents a limp or rag-like appearance.
Meanwhile, a currency note is considered mutilated when:
- Torn parts of banknotes are joined together with adhesive tape. b. The original size of the note has been reduced/lost through wear and tear or has been otherwise torn, damaged, defaced or perforated through action of insects, chemicals or other causes.
- It is scorched or burned to such an extent that although recognizable as such, it has become frail and brittle as to render further handling thereof impossible without disintegration or breaking.
- It is split edgewise.
- It has lost all the signatures inscribed thereon.
“Intentional mutilation is punishable by law,” warns Castelo, adding that they’re seeking to reach out to who they see as frequent violators of the “Clean Note” policy: market vendors and public utility vehicle drivers.
“We’ve observed how drivers often roll or improperly fold notes that BSP sees as ‘unfit’ handling,” said BSP bank officer 2 Ligad. “Another example of ‘unfit’ handling is causing bills to become stained, mahigkuan or mayukot. But we are looking forward to educate our drivers and market vendors [in the near future] through grassroots economic and financial planning lectures.”/PN
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