The Bangko Sentral ng Pilipinas (BSP) replaced P4 million worth of the public’s unfit banknotes and coins with fresh bills or digital cash under its “Piso Caravan” held in the Visayas region from January to October this year.
Held at the sidelines of the “Paleng-QR Ph Plus” launch in key cities in the province, the “Piso Caravan” aims to remove all unfit money from circulation in line with BSP’s Clean Note and Coin Policy, as well as to promote the efficient recirculation of coins.
Photos show officials and staff from the Bangko Sentral ng Pilipinas Visayas Regional Office replacing the public’s unfit banknotes from circulation by exchanging them with fresh bills or digital cash during the conduct of its Piso Caravan in SM Consolacion, Cebu and Robinsons Place, Tacloban City, Leyte.
According to the BSP, unfit banknotes are dirty, soiled, limp, stained, or have faded print and obvious writings.
A total of 38,917 pieces of unfit banknotes (P2,787,180.00) and 683,153 pieces of unfit coins (P1,722,892.04) have since been exchanged under the 24 caravans conducted in the Visayas.
The caravans were held in the cities of Cebu, Mandaue, Tagbilaran, Dumaguete, Iloilo, Bacolod, Tacloban, and Roxas as well as in the municipalities of Consolacion, Dalaguete, Oslob, Siquijor, and Kalibo.
Most of the unfit denominations submitted for replacement were the 20-Piso banknotes (28,284 pieces) and 1-Piso coins (262,824 pieces).
The BSP will roll out more caravans in the Visayas.
The Piso Caravan aims to remove unfit money from circulation in line with BSP’s Clean Note and Coin Policy, as well as to promote efficient recirculation of coins. Unfit banknotes are dirty, soiled, limp, stained, or have faded print and obvious writings.
Meanwhile, unfit coins are those with corrosion or markings.
For more information on the 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.
In photos are Bangko Sentral ng Pilipinas Visayas Regional Office officers and staff replacing the public’s unfit banknotes and coins from circulation by exchanging them with fresh bills or digital cash during the conduct of Piso Caravan in Bacolod City, Negros Occidental and in the Municipality of Dalaguete, Cebu.