The Bangko Sentral ng Pilipinas (BSP) and the Palawan Group of Companies (PGC) have formalized a partnership recently to significantly expand the reach of the BSP’s Piso Caravan initiative, bringing convenient currency exchange and vital financial literacy programs to more Filipinos nationwide.
A formal agreement was signed last February 4, 2025, at the BSP headquarters in Manila, with key representatives from both organizations present.
Palawan Group of Companies executives while signing the contract to strengthen their support for the BSP Piso Caravan, as witnessed by top officials of the Bangko Sentral ng Pilipinas.
The signing ceremony, attended by top officials from both BSP and PGC, underscored the commitment of both parties to this crucial initiative. BSP Deputy Governor Bernadette Romulo-Puyat and BSP Assistant Governor Rosabel B. Guerrero represented the central bank, while PGC Chairman Bobby L. Castro, President and CEO Karlo Eugene Josef M. Castro, and CFO Lilian Concepcion C. Selda signed the pledge of commitment on behalf of the Palawan Group.
The Piso Caravan is a core component of the BSP’s broader Coin Recirculation Program, designed to optimize coin circulation, promote financial literacy, and encourage digital transactions. Partnering with Palawan Group, which boasts the country’s largest domestic money remittance network, is expected to dramatically amplify the program’s impact.
“With over 7,960 locations nationwide, Palawan Group has established itself as the largest domestic money remittance network in the country, providing accessible and convenient financial services to millions of Filipinos,” stated Deputy Governor Romulo-Puyat.
Romulo-Puyat also emphasized the importance of this collaboration in reaching even the most remote communities, ensuring that all Filipinos have access to essential financial services. “This initiative will allow us to reach even more communities, including those in remote areas, ensuring that Filipinos have access to essential financial services,” she added.
BSP designates Palawan Group as Currency Exchange Center
Present during the signing were PGC executives Bobby L. Castro, Founder and Chairman; Angelita M. Castro, Co-Founder and Deputy Chairman of the Board; Karlo Eugene Josef M. Castro, President and CEO; Roberto Ben M. Castro, COO; Lillian Concepcion Castro-Selda, Executive Vice President and Chief Financial Officer; Korina Gabriela Angela Castro-Fernando, Chief Human Resources Officer; Lisa Lou Castro-Sabado, Chief Business Development Officer; and Third Librea, President and CEO of PalawanPay, along with officials from the Bangko Sentral ng Pilipinas (BSP), including Rosabel B. Guerrero, Assistant Governor; Bernadette Romulo-Puyat, Deputy Governor; Tomas J. Cariño, Jr., Regional Director; and Ronaldo O. Bermudez, Area Director.
As a designated Currency Exchange Center under the Piso Caravan, Palawan Group has committed to actively withdrawing unfit and mutilated notes and coins from circulation, promoting financial literacy and proper currency handling, encouraging the recirculation of idle coins, and fostering a greater public appreciation of the monetary system.
PGC President and CEO, Karlo Eugene Josef M. Castro, expressed the company’s full support for the BSP Piso Caravan, stating, “PGC is fully committing to support the BSP Piso Caravan to encourage the public to preserve the integrity of Philippine currency, which will expand financial inclusion in the country.”
“We assure you of the Palawan Group of Companies’ support. Our team is grateful for the privilege of taking part in this initiative which strongly aligns with our mission to provide accessible and reliable financial services to Filipinos across the nation. Through Palawan Pawnshop, Palawan Express Pera Padala, and PalawanPay, we continue to advocate for financial empowerment, responsible money management, and economic participation for every Filipino,” he added.
Chairman Bobby L. Castro, for his part, reiterated PGC’s commitment, emphasizing that proper money management can make a difference in the lives of many Filipinos: “When we started as Palawan Pawnshop nearly forty years ago, our goal was to be a reliable financial partner, especially for those in need. The BSP Piso Caravan reminds us all that every peso counts and can contribute to personal and national economic growth.”
Assistant Governor Guerrero highlighted the broader implications of the initiative. “A Piso Caravan extends beyond being a channel to maintain fit banknotes and coins. It is a collaboration also rooted in awareness and education, shaping a culture where people recognize the true value of currency,” she explained.
This educational focus is vital for long-term success, ensuring that Filipinos understand the importance of proper currency handling and a healthy coin circulation system.
Aside from the PISO Caravan, the BSP is also undertaking other programs to promote proper currency handling and ensure more coins get recirculated in the system. In February last year, the central bank announced that it has already collected a total of 145.5 million coins as part of its coin recirculation project, which saw the installation of Coin Deposit Machines (CoDMs) in various retail outlets throughout the country.
A shared commitment
During the signing, BSP’s Deputy Governor Romulo-Puyat also emphasized the importance of collaboration, saying, “By working with currency exchange centers like yours, we are ensuring that clean and fit bank notes, as well as coins, continue to circulate smoothly. This helps improve everyday transactions and keeps our currency in good condition for businesses and individuals alike.”
She also acknowledged PGC’s extensive reach, noting, “With over 7,964 locations nationwide, you have built the largest domestic money remittance network in the country. This wide reach makes transactions easier and more convenient for millions of Filipinos.”
The BSP’s Coin Recirculation Program addresses the issue of idle Philippine currency, particularly coins, which often remain unused in homes and businesses, hindering efficient economic activity. The Piso Caravan, by facilitating currency exchange and promoting coin recirculation, aims to address this challenge and improve the overall efficiency of the monetary system. It also plays a crucial role in educating the public on maintaining the quality of banknotes and coins.
This partnership marks a significant step towards a more efficient, accessible, and sustainable monetary system for all Filipinos. By combining the BSP’s regulatory expertise with Palawan Group’s extensive network, including over 7,000 branches, Pera Padala outlets, and PalawanPay Money Shops, the Piso Caravan is poised to make a tangible difference across the archipelago.
The initiative underscores the shared commitment of both organizations to serving the financial needs of the nation and promoting financial inclusion.