LAOAG CITY, Ilocos Norte (PIA) – The Bangko Sentral ng Pilipinas (BSP) is set to roll out its “Piso Caravan” on April 24 at Laoag City Public Market to encourage the public to replace their mutilated banknotes and coins.
The caravan is the agency’s way to enable the public to exchange their damaged money with fresh currency.
Moreover, it also aims to preserve the integrity of the Philippine peso by removing unfit notes and coins from circulation.
“The Piso Caravan will not only provide residents a chance to exchange their mutilated money but this is a chance for the BSP to establish partnership with banks and local businesses in the province,” said Noel Neil Malimban, director from BSP North Luzon Regional Office.
The BSP considers unfit banknotes when:
- It contains heavy creases that break the fiber of the paper;
- It is badly soiled, contaminated, and with writings;
- It presents a rag-like appearance.
Unfit coins are those with corrosion or markings while a mutilated banknote appears to have its torn parts joined together with adhesive tape, scorched or burned.
To ensure that fit and legal tender banknotes and coins are being used for transactions and circulated nationwide, the BSP will destroy banknotes and coins that are found to be unfit and mutilated as stated under Republic Act No. 7653, as amended by RA 11211.
A fine of P20,000 and imprisonment of five years are imposed to individuals who are responsible for the illegal defacement, mutilation, burning, or destruction of coins.
The Piso Caravan in Laoag City will run from 9:00 a.m. to 5:00 p.m. (JCR/MJTAB PIA Ilocos Norte)
