BAGUIO CITY (PIA) -- The Bangko Sentral ng Pilipinas (BSP) North Luzon Regional Office continues to bring its services closer to the communities.
BSP North Luzon Regional Office Bank Officer II Cherry Pongco shared that they conduct the Piso Caravan primarily to change unfit or mutilated money of the public.
"Nagtatayo tayo ng booth kung saan, pinapalitan po namin ng bagong pero o digital na pero 'yung mga unfit at mga mutilated na banknotes," Pongco said in an interview.
Unfit peso bills are those that are crumpled, have fading prints or stains. Currencies that are destroyed, gnawed by animals, torn, or have holes in it are considered mutilated.
Pongco added that 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.
LGUs that want to hold such activity in their area may get in touch with the BSP North Luzon Regional Office located at Loakan Road, Baguio City, she said.
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 P20,000.00 and/or imprisonment of not more than five years.
The BSP also recently launched the Coin Deposit Machine Project at the National Capital Region which aims to intensify the circulation of coins, she informed. This aims "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 or gamitin natin," Pongco reminded.
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. (JDP/DEG-PIA CAR)