The Bangko Sentral ng Pilipinas (BSP) is intensifying its efforts to optimize coin circulation and foster financial literacy, launching a multi-pronged strategy that targets both adults and children.
This initiative, highlighted by the expansion of the Piso Caravan program, aims to streamline currency exchange and cultivate a culture of saving among young Filipinos.
Building upon its commitment to efficient currency management, the BSP has recently partnered with the Palawan Group of Companies (PGC) to broaden the reach of its Piso Caravan, a mobile exchange service designed to facilitate the exchange of mutilated currency for fit bills and coins.
“With over 7,960 locations nationwide, Palawan Group has built the largest domestic money remittance network locally, making financial transactions more accessible for Filipinos,” stated BSP Deputy Governor Bernadette Romulo-Puyat, emphasizing the strategic importance of this collaboration.
Piso Caravan, a key component of BSP’s Coin Recirculation Programme
The Piso Caravan, a key component of the BSP’s Coin Recirculation Programme, directly addresses the persistent issue of damaged and idle currency. It also aims to address coin shortages and improve the efficiency of everyday transactions by encouraging the return of idle coins into circulation.
By bringing exchange services directly to communities, the central bank is hoping to improve coin circulation and encourage responsible currency handling. Through initiatives like the Piso Caravan and other educational campaigns, the programme seeks to promote financial literacy and responsible coin handling among Filipinos while also fostering the adoption of digital payment methods.
In a parallel effort to instill financial responsibility in the next generation, the BSP launched the “Barya man sa Paningin, Malayo ang Mararating” program, focusing on savings management and coin recirculation education for children.
By partnering with various organizations, including the Palawan Group of Companies and local educational institutions, the BSP is expanding the reach and impact of its Coin Recirculation Programme, ensuring a more stable and efficient currency ecosystem.
This initiative underscores the BSP’s commitment to fostering a culture of saving from an early age, while simultaneously ensuring the efficient flow of currency within the Philippine economy.
Even a small change can go a long way
BSP executives during the signing of a Pledge of Commitment with the Department of Education Schools Division of Puerto Princesa (City DepEd) and the Palaweño Bankers Association (PBA).
To formalize its commitment to the program, the BSP recently signed a Pledge of Commitment with the Department of Education Schools Division of Puerto Princesa (City DepEd) and the Palaweño Bankers Association (PBA). This tripartite agreement signifies a collaborative effort to develop budgeting, spending, and saving habits among children.
City Schools Division Superintendent Laida Mascareñas highlighted the program’s alignment with existing educational initiatives, citing her experience with the “Ipon Challenge” and the “Tulong Barya Para sa Eskwela Coin Recirculation Project.” “Sila yung pinagde-deposit ko para at their young age ay marunong na sila mag-transact,” Mascareñas stated, emphasizing the importance of early exposure to banking practices.
The PBA will play a crucial role in facilitating the program’s success, coordinating the opening of bank accounts for participating students and managing the collection and deposit of coin savings from schools. “Sa pagkakataong ito sa tulong ng ating mga guro, gagabayan kayo ng tamang pag-save na sana ay maging habit-formation at sana ay tuloy-tuloy ang habit na ito hanggang sa inyong paglaki,” said PBA President Moises Arzaga, underscoring the program’s long-term impact.
BSP Regional Director Atty. Tomas Cariño emphasized the economic importance of coin recirculation, explaining that “These coins are essential for our day-to-day transactions, especially in places where small change is necessary such as local markets and public transport. When coins are not recirculated, it creates an artificial shortage that affects the entire economy.” He encouraged students to participate in coin drives and recognize the value of both saving and spending wisely.
The BSP’s comprehensive approach, combining the expansion of the Piso Caravan with targeted educational initiatives, reflects its dedication to ensuring a robust and efficient payment system. By empowering both adults and children with the knowledge and tools to manage their finances effectively, the BSP is laying the foundation for a more financially inclusive and prosperous future for the Philippines.