BANGUED, Abra (PIA) – Dirty and damaged coins and bills were replaced with new ones at the Bangko Sentral ng Pilipinas (BSP) PISO Caravan held at the Rang-ay Bank in Bangued, Abra on November 5, 2024.
“Ang goal po ng BSP is ma-flush out yung mga lumang pera sa circulation. Gusto lang natin makuha sa kanila and syempre mapalitan din ng bago. Si BSP hindi rin kami pwedeng print nang print ng bagong notes kapag hindi bumabalik sa amin yung mga luma,” Chezter Munar of BSP-La Union explained.
He said that the BSP has been partnering with different banks across the country for the replacement of dirty and damaged money.
“Ito po ay part ng operations ng banks and parang tinuturo lang natin kung paano ang gagawin. Ang maganda naman po ay receptive naman po ang ating mga banks,” he added.
In Abra, the Rangay Bank-Bangued is the first partner bank for the PISO Caravan of the BSP.
“Nagado ti unfit currency so ditoy Rang-ay ket tumul-tulong kami in a way ta masukatan dagita narugit ket naperdi nga kwarta,” shared Ranga-ay Bank North Branches Area Manager Dennis Dosono.
He said that the bank is replacing mutilated or damaged money of both depositors and non-depositors.
Meanwhile, Rosana Tarinay from Sta. Rosa, Bangued, was able to exchange P730-worth of rusty coins with new money.
“Naaramid ngamin idi bagyo nga Egay ket nabaybay-ak metten isu nga naglati. Mayat daytoy ta nasukatan dagidiay narugit ken nalati nga kwarta tapno magamit met laeng nga maigatang dagidiay luma kasi agbuteng ka nga mapan mangigatang ken mabain ka pay metten,” she shared.
During the caravan, Munar also clarified that dirty and/or damaged money that can be replaced should fit the standards of the BSP.
He said that dirty or damaged money can be replaced as long as it includes more than 50 percent of the paper money remaining; a portion of any of two signatures of the Philippine President or the BSP Governor remains; and presence of the embedded security thread. Coins that were intentionally damaged will not be replaced.
The BSP PISO Caravan is an effort to promote the implementation of the BSP Coin Recirculation Program and the BSP Clean Note and Coin Policy. This aims to stop the circulation of unfit and mutilated currency. (JJPM, PIA-CAR, Abra)
