June 21, 2024

The Bangko Sentral ng Pilipinas North Luzon regional office continues to bring its services closer to the communities.

BSP North Luzon Regional Office Bank Officer II Cherry Pongco said they conduct the Piso Caravan to change unfit or mutilated money.

Nagtatayo tayo ng booth kung saan pinapalitan namin ng bagong pera o digital na ‘yung mga unfit at mga mutilated na banknotes,” Pongco said.

Unfit peso bills are those that are crumpled and have fading prints or stains. Currencies that are destroyed, gnawed by animals, torn, or have holes are considered mutilated.

Pongco added they plan to partner with other agencies and local government units that will receive unfit or mutilated money then forward it to BSP for replacement.

She said LGUs that want to hold the same activity in their area may get in touch with the BSP North Luzon regional office located at Loakan Road, Baguio City.

Pongco reminded the public that under the Anti-Mutilation Law, individuals who intentionally destroy bank notes and coins can be penalized with not more than P20,000 and/or imprisonment of not more than five years.

She said the BSP also recently launched the Coin Deposit Machine Project at the National Capital Region which aims to intensify the circulation of coins.

This aims to “siphon out idle coins and be converted to digital currency or voucher that can used in shopping.” 

Maganda pong ugali ang mag-ipon sa alkansiya pero make sure lang po na kapag napuno na, ilabas po natin ang mga barya at ideposito po natin sa bangko o gamitin natin,” Pongco said.

The Coin Deposit Machine Project is expected to be launched in other parts of the country.

The BSP also conducts information caravan in the provinces to inform the public on the different programs of the agency. – Debbie E. Gasingan