DUMAGUETE CITY, Negros Oriental, July 20 (PIA) -- Over P1 million of unfit and mutilated bank notes and coins were exchanged with new ones during the Bangko Sentral ng Pilipinas (BSP) Piso Caravan on July 7-8, 2023 in Dumaguete City.

A total of 268 individuals from different parts of Negros Oriental have brought their damaged banknotes and coins to be replaced with clean ones.

The Piso Caravan is part of the BSP’s efforts to preserve the integrity of Philippine currency.

BSP Deputy Director of Dumaguete Branch Atty. Janice Jade Canonigo expressed gratitude to the turnout of the campaign or individuals who responded to their call for the agency’s recirculation program.

“With this campaign the BSP will help in the recirculation because it is so expensive in the minting of coins. We hope those that are kept will be replaced and can used it again,” said Canonigo.

BSP has been releasing coins but the volume of coins in circulation is not sufficient as some stores continue to look for loose change for their trade or "panukli."

Unfit banknotes are those with soiling, limpness, with obvious writings/markings, crumples/heavy folds or faded print.

Meanwhile, unfit coins are those with markings or signs of corrosion.

Mutilated or damaged banknotes can also be exchanged, provided that the following are met: the remaining surface area is at least 3/5 of the banknote’s original size; a portion of any of the signatures of the President of the Philippines or the BSP Governor remains; and the embedded security thread or windowed security thread is still present.

The BSP also conducted learning sessions on its Clean Note and Coin Policy, Coin Recirculation Program, 1000-Piso polymer banknote, New Generation Currency Banknote Series and Coin Series, digital payments, and cyber hygiene practices.

The BSP also provided an avenue for Dumagueteños to open basic deposit and electronic money accounts with participating banks and Financial Service Providers (FSPs). (JCT/PIA7 Negros Oriental)