The Bangko Sentral ng Pilipinas (BSP) Visayas Regional Office (VRO) recently offered currency exchange services in Tagbilaran City to encourage the public to replace their unfit banknotes and coins with digital cash.
The BSP VRO staff also assisted those without e-wallets in setting them up.
Dubbed, “BSP Piso Caravan,” the currency exchange program was conducted for the first time in the Visayas as part of the BSP’s effort to replace unfit money by depositing the equivalent amount to the clients’ e-wallet accounts.
Unfit banknotes are soiled, limp, stained, or have faded print, obvious writings, or markings. Meanwhile, unfit coins are those with severe corrosion or markings.
The “BSP Piso Caravan” program is in line with the central bank’s commitment to preserve the integrity of Philippine currency and promote digital payments to bolster financial inclusion.
For more information on the BSP Piso Caravan and other public information campaigns in the Visayas, contact the Regional Economic Affairs Staff of the BSP VRO at telephone no. (032) 254-9368 or email address AOville@bsp.gov.ph.
The activity was held at the sidelines of the “Paleng-QR Ph Plus” launch in the city last January 10, which saw City Mayor Jane C. Yap joining hands with Jerome G. Gonzales, Provincial Director of the Department of the Interior and Local Government (DILG), and Bernadette Romulo-Puyat, Bangko Sentral ng Pilipinas (BSP) Deputy Governor of the Regional Operations and Advocacy Sector, to promote digital payments in public markets, tricycle hubs, and other establishments.
Program recipients share the benefits of using an e-wallet
A joint project of the BSP and the DILG, “Paleng-QR Ph Plus” promotes QR technology as a convenient, safe, and efficient payment solution.
During the event, Juliet Boniel, a fruit vendor at the Tagbilaran City Central Public Market, shared the benefits that she experiences using an e-wallet.
“Mas pinadali at naging hassle-free ang mga transaksyon. Nabawasan din ang pagpila ko sa mga bangko at remittance centers para mag-transfer ng pera,” Boniel said.
For her part, Juvy Presas, a market vendor at the Tagbilaran City Central Public Market described Paleng-QR as being “convenient and very useful for business.”
“Convenient siya sa mga negosyante kasi pwedeng ma-monitor ang mga transaction gamit ang mobile phone. Hindi na kailangang pumunta sa bangko,” Presas shared.
Several partner implementors from the financial services sector participated in the program launch.
In particular, Asia United Bank, First Consolidated Bank of Bohol, GCash, Landbank of the Philippines, Maya, Rizal Commercial Banking Corp., Starpay, and UnionBank provided customer assistance booths, quick response code printouts, and information materials for the public.