SURIGAO CITY, Surigao del Norte -- The Banko Sentral ng Pilipinas (BSP) Butuan Branch, in collaboration with the Surigao Bankers Club (SBC), is set to conduct a Piso Caravan at the Luneta Park in Surigao City on August 19, 2023 (Saturday), 1:30-4:30 in the afternoon.
For its "Palit Pera Drive," BSP will facilitate the exchange of unfit/mutilated coins and banknotes into fit currencies.
According to Tatum Blaise Tan, area director of BSP Butuan Branch, a currency note shall be considered unfit for circulation when it contains heavy creases which break the fiber of the paper and indicate that disintegration has begun; or it is badly soiled/contaminated and/or with writings even if it has proper life or sizing; or it presents a limp or rag like appearance and/or it cannot sustain its upright position when held at the mid portion of one of the shorter borders.
"A currency note shall also be considered mutilated when torn parts of banknote are joined together with adhesive tape; or the original size of the note has been reduced/lost through wear and tear or has been otherwise torn, damaged, defaced or perforated through action of insects, chemicals or other causes; it is scorched or burned; it is split edgewise; it has lost all the signatures inscribed thereon; or the embedded security thread or windowed security thread placed on the banknote is lost," said Dir. Tan.
The public may also bring and present their unfit currency coin for replacement such as bent or twisted out of shape or defaced coins; or those that has been considerably reduced in weight by natural abrasion/wear and tear.
"Currency coins are considered mutilated when it shows signs of filing, clipping or perforation; or it shows signs of having been burned or has been so defaced, that its genuineness and/or denomination cannot be readily and clearly identified," described Dir. Tan.
Part also of the Caravan will be the “Know Your Money” lecture, at 2:30-3:30 p.m., to educate the public about the design and security features of Philippine currency and the proper handling of banknotes.
"With this Piso Caravan, we aim to encourage people to preserve the integrity of our currency. Through the discussions during the lecture we also hope to achieve our shared goal of financial literacy and responsible currency circulation," underscored Dir. Tan.
The BSP Clean Note and Coin Policy program promotes the use of fit banknotes and coins in public circulation. (VLG/PIA-Surigao del Norte)
