MANOLO FORTICH, Bukidnon (PIA) — Helping the public replace their unfit or mutilated peso banknotes with fresh ones, the Bangko Sentral ng Pilipinas Cagayan de Oro branch (BSP-CDO) brought its ‘Piso Caravan’ to the Tankulan Public Market, here, January 31.
The ‘Piso Caravan’ provides local vendors, students, and the general public an opportunity to have their torn, slightly burnt, and old Philippine peso bills and coins exchanged for new bills and coins free of charge.
Processing is also hassle-free, requiring only the presentation of the damaged bills or coins.
BSP-CDO Area Director Olegario J. Magahin, Jr., emphasized that the caravan is part of BSP’s mandate to remove old peso bills and coins from circulation, which may become an inconvenience to consumers and may lead to a loss of value.
“Gi-encourage namo ang publiko nga dal-on nila ilang mga kwarta, kanang mga dunot, mga nangagisi, kanang unfit na dal-on nila sa BSP or sa partner namo nga First Valley Bank, ilisan na og bag-o. Para ang atong mga kwarta nga magtuyok mga bag-o,” said Magahin.
(We encourage the public to bring their unfit money to BSP or at our partner First Valley Bank to have these exchanged with new ones. So that the money that circulates is new.)
In Manolo Fortich, First Valley Bank is BSP’s Currency Exchange Center, where even non-depositors can have their unfit banknotes and coins exchanged for new ones.
Olegario added that after the caravan, the public can still exchange their unfit peso bills and coins at First Valley Bank, which serves as one of the BSP’s partner currency exchange centers.
Many expressed their appreciation, citing convenience, and were relieved as their unfit bills were exchanged for new ones. Cristy Luga, a resident of Barangay Damilag, Manolo Fortich, Bukidnon, was among the recipients. Her sister owns a ‘piso-wifi’ machine in their town, which requires collecting old P5 and P10 coins.
However, some local stores have stopped accepting these old and bent coins, causing them some inconvenience. The said caravan provided a timely solution for her.
“Gitigom namo ang mga coins nga daan amo na dayon gipa-change diri. Gitabangan gyud mi nila. Happy gyud kaayo ko kay interested gyud kaayo sila mu-serbisyo sa amoa,” said Luga.
(We collected these old coins and exchanged them here. I’m very grateful and happy because the BSP staff were genuinely interested in helping us and providing the service.)
The polymer banknotes
BSP CDO also conducted an information campaign on the new polymer banknotes during the caravan and provided residents with educational materials on the new features of the new banknotes.
“Practice na sa mga central bank nga every 10 years mag-change og design. Kita sa Pilipinas, last nato nga change 2010 pa—more than 10 years na,” said Magahin.
(It is the practice of central banks that we change the design of our money every 10 years. In the Philippines, we last changed the design in 2010—that is more than 10 years.)
The other reason for the change in design, according to Magahin, is that counterfeiters will now have a difficult time copying or replicating the banknote’s security features.
“With new polymer notes, these are smarter, cleaner, and stronger. Kay medyo advance naman iyang security features and lisod na sila i-counterfeit (It has advanced security features and will be difficult to counterfeit),” he said.
Magahin also advises the public to handle polymer banknotes properly, just as they should with paper bills.
The paper bills produced by BSP, featuring the nation’s heroes, will still circulate alongside the new polymer banknotes that feature the country’s flora and fauna endemic to the Philippines. This raises awareness for the protection of these nearly extinct flora and fauna, he said.
The Piso Caravan also coincided with the launch of the local government unit’s ‘Paleng-QRPh Plus’ program, which promotes digital transactions among local vendors and transport groups through the use of electronic wallets. (DCC/PIA-10)
