DAGUPAN CITY (PIA) — The Bangko Sentral ng Pilipinas (BSP) is calling on Pangasinan residents to exchange their unfit and mutilated peso bills and coins with fresh banknotes to help the government in preserving the country’s currency.
BSP Dagupan Branch Area Director Ofelia Viray said exchanging unfit helps the detection of counterfeits and ensures the banknotes and coins in circulation are of good quality.
Viray explained that in order to expand the BSP’s currency exchange program to the public, the agency is partnering with banks across the province to establish Currency Exchange Centers (CECs) to remove unfit or mutilated peso bills and coins from circulation.
In Pangasinan, the Rural Bank of Alaminos, Inc. located near the Alaminos City Hall, is the first CEC to be launched in the province to cater to the residents of Western Pangasinan, providing a convenient option to replace damaged or mutilated bills and coins with new money.
The launching of the rural bank as CEC coincides with the Piso Caravan of BSP held on June 10, wherein 3,044 pieces of unfit or mutilated notes and coins amounting to P30,400 were exchanged for new bills and coins.
“This service aims to alleviate the need for residents to travel to BSP in Dagupan City or commercial banks, where long queues are common,” Viray added.
She said transacting clients are encouraged to bring with them one valid identification card (ID) for identification when exchanging their mutilated currency.
Mario Montemayor, president of Rural Bank of Alaminos, said the currency exchange program of BSP will greatly enhance the bank’s service offerings and contribute to its marketing efforts.
“Napakagandang program ito ng BSP na makakatulong sa aming mga rural banks para makatulong sa ating mga kababayan at mas ma-i-market ang aming services dito sa Rural Bank of Alaminos,” he said.
(This is a wonderful program by BSP that will help our rural banks assist our fellow citizens and better market our services here at Rural Bank of Alaminos)
Montemayor urged the public to visit Rural Bank of Alaminos to exchange their unfit currency from 9:00 a.m. to 3:30 p.m. from Mondays to Fridays.
He also encouraged the public to refrain from saving money in piggy banks and instead deposit their savings in banks for safekeeping, where they can also earn interest on their deposits.
Meanwhile, Jefferson Bainto, resident of Alaminos City, expressed his gratitude to BSP for bringing the program closer to residents in Western Pangasinan.
Bainto, who facilitated the exchange of a faded 1000-Piso polymer banknote on behalf of his friend, expressed satisfaction with the process. He highlighted that his friend had encountered difficulties exchanging the bill at a commercial bank, underscoring the value of the CEC at Rural Bank Alaminos in resolving such issues effectively.
Viray reminded the public that for mutilated notes to be eligible for redemption, they must meet specific criteria: the remaining surface area should be no less than 3/5 of the original size of the banknote, a portion of any one of the signatures of the President of the Philippines or the Governor of the BSP must remain visible, and there should be presence of the Embedded Security Thread (EST) or Windowed Security Thread (WST), unless lost or damaged due to fire, water, chemicals, or pest infestation. Notes with willfully removed EST or WST will not qualify for redemption.
She said for mutilated coins, they must not exhibit signs of willful mutilation such as perforation, filing, or clipping to qualify for redemption.
Viray emphasized that it is unlawful to willfully deface, mutilate, tear, burn, or destroy currency notes and coins in accordance with Presidential Decree No. 247, adding that anyone violating this order may face a fine of up to P20,000 and may be imprisoned for a maximum of five years. (MJTAB/EMSA/PIA Pangasinan)
