TACLOBAN CITY (PIA) – The Bangko Sentral ng Pilipinas (BSP) Visayas Regional Office, in partnership with the BSP Tacloban Branch, held a Piso Caravan in the city on June 16-17.

The Piso Caravan, founded on the basic policies of the Bangko Sentral ng Pilipinas, aimed at educating the public of the different features of fit, unfit, and mutilated coins and bank notes.

In his short message during the kick-off ceremony at the Robinsons Place Tacloban, Victorio M. Tingcang III, area director of BSP Tacloban Branch, said the caravan did not only conduct the exchange of coins and unfit but acceptable, mutilated banknotes with the new ones.

The caravan also conducted learning sessions covering topics on digital payments, cyber hygiene practices, BSP clean note policy and the 1000-piso polymer banknote; as well as opening of account and other transactions with some participating financial service providers, namely: Landbank, PNB, BDO, and G-Cash, among others.

“Why we conducted this? Because we want to ensure that the money circulating is clean and we want to uphold the integrity of the Philippine currency,” Erma Lagarto, BSP Cebu senior bank officer shared.

Aside from those reasons, Lagarto said the Piso Caravan also expedited withdrawal of unfit and mutilated notes and coins in circulation, educate the people how to take good care of the Philippine banknotes and coins, promote financial literacy, flush out idle coins and generate behavioral change.

Lagarto also explained that under the BSP Clean Note and Coin Policy, Philippine banknotes and coins are classified into three (3) such as fit currency, unfit, and mutilated currency.

Fit currency means clean money not necessarily new but already in circulation and in good condition

Unfit bank notes have obvious writings and markings, with stains and faded prints, while mutilated bank notes have missing parts, with adhesive or staple wires, among others.

Banks automatically replace unfit coins or banknotes but mutilated banknote will be forwarded to Banko Sentral ng Pilipinas for assessment of its redemption value.

However, Lagarto said the public may also go directly to the BSP office to replace the mutilated banknotes.

Among those who attended the Piso Caravan were representatives from national government agencies, cooperatives, the academe, and the general public. (MMP/CBA/PIA-8)