ILOILO City – The Bangko Sentral ng Pilipinas (BSP) is encouraging Ilonggos to exchange their dirty, damaged, or torn banknotes for new polymer banknotes, which are promoted as “smarter, cleaner, and stronger.
On January 23 BSP will bring its Piso Caravan booth to the Bank of the Philippine Islands (BPI)-Solis Branch, located at the corner of Iznart and Solis Streets, Iloilo City. The booth will operate from 10 a.m. to 1 pm.
“At the Piso Caravan, Ilonggos can exchange dirty, damaged, or torn banknotes for new ones.
This initiative is part of BSP’s ongoing efforts to promote its Clean Note and Coin Policy. The campaign focuses on replacing “unfit and mutilated” banknotes and coins.
What Qualifies as ‘Unfit’ Currency?
Unfit banknotes are those that are no longer suitable for circulation due to damage, dirt, stains, faded prints, or creases from folding or crumpling. Unfit coins include those that are corroded, discolored, or damaged but still recognizable and authentic, as well as coins with stains or marks.
Mutilated coins, on the other hand, refer to those with holes, abrasions, severe corrosion, discoloration, or burns, making them difficult to identify.
Guidelines for Exchange
Old banknotes can also be exchanged, provided they meet the 3S criteria:
* size – at least 60% of the original measurement of the banknote must remain
* signature – a portion of the signature of either the President or the BSP Governor must still be visible
* security thread – the security thread must remain visible or intact
Participation by Financial Institutions
The BSP is also inviting BSP-supervised financial institutions interested in joining the Piso Caravan to coordinate with the nearest BSP regional office or branch for registration.
Aside from Iloilo City, the Piso Caravan was also held in Magalang, Pampanga, on January 20, and Anda, Pangasinan, on January 21./PN
