The Bangko Sentral ng Pilipinas (BSP) on Friday issued a reminder to all banks to accept unfit or mutilated Philippine banknotes and coins from the public.
In an advisory, the BSP said that “unfit” currency should be exchanged “free of charge” for fit or clean banknotes and coins.
Citing its Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), the central bank said banks are required to facilitate the processing and submission of the public’s mutilated currency to the BSP for examination.
“To prevent further deterioration while in transit, banks are advised to place mutilated currency in appropriate containers,” it said.
The BSP also cited the following features of what could be considered “unfit” or mutilated currency:
Paper and polymer banknotes are classified as unfit if they are dirty, soiled, limp, stained, have faded print or visible writings. They are considered mutilated if they are defaced or damaged by burns, tears, perforations, or missing parts due to insects, chemicals, extreme heat (such as fire), or other causes.
Coins are considered unfit if they are bent, twisted, defaced, or corroded but their genuineness and denomination can still be determined. They are classified as mutilated if their genuineness or denomination can no longer be clearly determined due to burns, corrosion, filing, clipping, or perforation.
Nonetheless, the BSP advised the public to properly use and recirculate fit or clean Philippine banknotes and coins as part of ongoing efforts to preserve the integrity of the national currency, “which reflects the country’s economic stability and trust.” — BAP, GMA Integrated News
