The Bangko Sentral ng Pilipinas (BSP)’s “Piso Caravan” program continues to expand its reach across the nation, bolstering efforts to remove unfit currency from circulation and promote financial literacy.
Earlier this week, the central bank announced that the number of participating financial institutions has grown to an impressive 141, signifying a strengthened commitment to maintaining the quality and efficiency of the Philippine peso.
Bank of Makati joins BSP’s ‘Piso Caravan
Photo shows BSP Assistant Governor Rosabel B. Guerrero (second row, second from left) with Bank of Makati, Inc. (BMI) President Luis M. Chua (first row, second from left) at the Piso Caravan pledge of commitment signing ceremony. They were joined by (first row, from left) BMI Branch Banking Group Head Lynn L. Sy, BMI Corporate Treasurer Shirley O. Tan, and BMI Branch and Central Operations Group Head Angelo Michael C. Plata, (second row, from left) BSP Greater Manila Regional Director Ruth C. Gonzaga, BSP North Luzon Regional Director Noel Neil Q. Malimban, and BSP Deputy Director Mark Jason A. Cagalingan.
The latest addition to this growing network is Bank of Makati (BMI), which officially joined the initiative last March 24, 2025. During a ceremony held at the BSP head office in Manila, BMI President Luis M. Chua and other bank officials signed a pledge of commitment to actively support the Piso Caravan. They were joined by BSP Assistant Governor Rosabel B. Guerrero and representatives from the BSP’s North Luzon and Greater Manila regional offices, underscoring the collaborative spirit driving the program.
Under the Piso Caravan, BMI will now serve as a vital conduit for the public to exchange their worn-out and damaged banknotes and coins for new, clean currency. Notably, the program also offers the option of receiving the exchanged value in fresh bills or even as digital cash, aligning with the BSP’s broader push for digital transactions.
Beyond this crucial exchange function, the program also actively encourages the recirculation of idle coins that often languish in drawers and piggy banks, hindering their economic utility.
Furthermore, a key objective of the Piso Caravan is to raise public awareness regarding the proper handling of banknotes and coins, fostering a culture of care for the national currency. Unfit banknotes are characterized as dirty, soiled, limp, stained, or those with faded print and obvious writings, while unfit coins often exhibit corrosion or markings.
The Piso Caravan is spearheaded by the BSP’s regional offices and branches, acting as a driving force behind the implementation of the central bank’s Clean Note and Coin Policy and the broader Coin Recirculation Program.
Early success in Visayas underscores program’s effectiveness
Officials and staff from BSP’s Visayas Regional Office replacing the public’s unfit banknotes from circulation by exchanging it with fresh bills or digital cash during the conduct of its Piso Caravan in SM Consolacion, Cebu and Robinsons Place, Tacloban City, Leyte.
This initiative has already demonstrated tangible results in regions like the Visayas, where the BSP reported replacing a significant P4 million worth of the public’s unfit banknotes and coins with fresh bills or digital cash between January and October of the previous year.
The success in the Visayas, where 24 caravans were conducted in key cities and municipalities such as Cebu, Mandaue, Tacloban, Iloilo, and Bacolod, highlights the program’s effectiveness in reaching communities.
During these Visayas-based caravans, a substantial 38,917 pieces of unfit banknotes, amounting to P2,787,180.00, and 683,153 pieces of unfit coins, valued at P1,722,892.04, were successfully exchanged. Interestingly, the most common unfit denominations submitted were the 20-Piso banknotes and 1-Piso coins, indicating the prevalence of wear and tear on these frequently used currencies.
By partnering with a diverse range of financial institutions, the BSP is creating a widespread network of accessible exchange points for Filipinos across the archipelago. The addition of BMI follows a significant partnership announced earlier this year, with the Palawan Group of Companies (PGC) also joining the Piso Caravan on February 4, 2025.
The PGC, boasting the largest domestic money remittance network in the Philippines with over 7,960 locations nationwide, significantly amplifies the program’s reach, particularly in more remote areas. The Piso Caravan has also been strategically held alongside events like the “Paleng-QR Ph Plus” launch, further integrating it into community activities and increasing public awareness.
Expanding reach: Bringing currency exchange to more Filipinos
BSP Deputy Governor Bernadette Romulo-Puyat (second row standing, second from left) witnesses the signing of Palawan Group of Companies’ (PGC) pledge of commitment to support BSP’s Piso Caravan. With her are (second row standing, from left) BSP Regional Director Tomas J. Cariño, Jr., Assistant Governor Rosabel B. Guerrero, Area Director Ronaldo O. Bermudez, (first row seated, from left) PGC Chairman Bobby L. Castro, President and Chief Executive Officer Karlo Eugene Josef M. Castro, and Chief Finance Officer Lilian Concepcion C. Selda.
During the commitment signing ceremony with PGC, BSP Deputy Governor Bernadette Romulo-Puyat emphasized the importance of accessibility, stating, “This initiative will allow us to reach even more communities, including those in remote areas, ensuring that Filipinos have access to essential financial services.”
As a designated Currency Exchange Center under the Piso Caravan, the Palawan Group has committed to actively withdrawing unfit and mutilated notes and coins, promoting financial literacy and proper currency handling among its vast customer base, encouraging the circulation of idle coins, and ultimately fostering behavioral change towards a greater appreciation for the monetary system.
BSP Assistant Governor Rosabel B. Guerrero highlighted the broader impact of the program, stating, “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 our currency.”
The BSP has also indicated plans to roll out more caravans in regions like the Visayas, building on the success already achieved.
With the increasing participation of financial institutions like Bank of Makati and the extensive network of the Palawan Group, coupled with the demonstrated success in regions like the Visayas, the Piso Caravan is poised to make a significant impact on the quality of currency in circulation and the financial literacy of Filipinos nationwide.
This collaborative effort between the BSP and its partners underscores a shared commitment to ensuring a more efficient, accessible, and sustainable monetary system for all citizens of the Philippines. The growing number of participating institutions signals a strengthening of this vital program, promising cleaner wallets and a more robust flow of currency throughout the nation.