​Are you one of those who recently received a call or text message from someone saying that “US Dollar [bank]notes with stamps (money changer) may only be accepted until today, March 12” — or on any other specified date for that matter?

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The Bangko Sentral ng Pilipinas (BSP) has recently issued an advisory informing the public that it has NOT issued any directive related to this.

It further said that the BSP does not accept requests for an exchange or replacement of foreign currencies into Philippine pesos. The BSP’s mandate, after all, is limited to the exchange of Philippine currency into Philippine banknotes and coins of any other denomination.

For the exchange or replacement of foreign currencies, the public is advised to visit BSP-supervised financial institutions, such as banks and Money Service Businesses (MSBs) that are engaged in money changing or foreign exchange dealing.

The advisory also cautioned the public to be wary and vigilant against fake news or bogus information, particularly those circulating in online chat groups and those coming from entities that misrepresent the BSP.

Ensuring that the PH’s FX Regulatory Framework remains appropriate

In line with the thrust of the BSP to promote a policy environment that is market-oriented and supportive of the Philippine economy’s sustained expansion, the BSP, through the International Operations Department (IOD), ensures that the country’s foreign exchange (FX) regulatory framework remains appropriate for the needs of a dynamic and expanding economy.

The BSP has undertaken various liberalization measures to ease FX rules to facilitate FX transactions by banks, public and private corporates/entities, small and medium enterprises, overseas Filipinos, and the public in general.

The liberalization is being undertaken in a well-calibrated manner, giving due consideration to prevailing domestic and international economic and financial conditions.

It is also being conducted while ensuring that timely prudential mechanisms (e.g., documentary and/or reportorial requirements) and that safeguard measures remain in place to allow the BSP to observe the following:

  1. adopt necessary measures to address any perceived emerging concern/problem; and
  2. maintain its ability to capture timely, reliable and comprehensive data for its various needs, such as policy review and formulation, analysis of trends and developments (e.g., volatility in capital flows), statistics and report generation.

For a full list of BSP-supervised banks and registered Money Service Businesses (MSBs), please visit https://www.bsp.gov.ph/SitePages/FinancialStability/DirBanksFIList.aspx and https://www.bsp.gov.ph/Lists/Directories/Attachments/12/MSBs.pdf.

For more information on the U.S. currency, meanwhile, the public is also encouraged to visit the U.S. Currency Education Program webpage at https://www.uscurrency.gov/ or to send their queries through https://www.uscurrency.gov/about-us/contact-us.

By Ralph Fajardo

Ralph is a dynamic writer and marketing communications expert with over 15 years of experience shaping the narratives of numerous brands. His journey through the realms of PR, advertising, news writing, as well as media and marketing communications has equipped him with a versatile skill set and a keen understanding of the industry. Discover more about Ralph's professional journey on his LinkedIn profile.