TACLOBAN CITY – The Bangko Sentral ng Pilipinas (BSP) has brought its “Piso Caravan” to this city to replace unfit and mutilated bank notes and coins.
The three-day caravan that kicked off Monday at the Robinsons Place Tacloban urges the public to conveniently replace their unfit currency with fresh banknotes and coins.
Unfit banknotes are paper money that is soiled, limp, stained, or has faded print, obvious writings, or markings. Unfit coins, on the other hand, are those with corrosion or markings, according to Erma Lagarto, BSP-Cebu senior bank officer.
Classified as mutilated banknotes are those with adhesive and staple wires; charred or decayed; with tear, hole, or missing part; and splitting of substrate.
“The goal of BSP Piso Caravan is to ensure that people’s money is safe and clean. This caravan is a convenient way to do that,” Lagarto added.
Replacing of unfit money starts at 10 a.m. and ends at 3 p.m. from October 28 to 30.
Under Republic Act No. 7653, the BSP will retire or destroy all banknotes and coins found to be unfit, mutilated, or demonetized, including seized counterfeits.
This will ensure that only fit and legal tender banknotes and coins are circulated and used to purchase goods and services.
The BSP has continuously warned the public that the illegal defacement, mutilation, burning, or destruction of coins may be subject to imprisonment of up to five years and a fine of PhP 20, 000.
The BSP caravan is part of the 14th Leyte Consumer Information and Market Exhibition and brings together consumers, businesses, and agencies to highlight the importance of consumer rights and responsibilities in today’s marketplace.
This year’s theme is “Be Smart, Assert Your Consumer Rights!” (PNA)