The Bangko Sentral ng Pilipinas Mindanao Regional Office conducted the “e-Cash-in points” which allows the exchange of unfit banknotes and coins for e-money.
The Bangko Sentral ng Pilipinas (BSP) Mindanao Regional office conducted a currency exchange service in Davao City which allows e-wallet users to exchange unfit banknotes and coins for e-money.
The “e-Cash-in Points” initiatives by the BSP enables people to trade their unwanted coins and banknotes for the equivalent amount of e-money, which will be credited to their preferred e-wallets. The initiative is in accordance of the BSP’s broader efforts to protect the integrity of the Philippine currency while promoting the digitalization of financial transactions.
Unfit banknotes are ones that have evident writing or markings, are dirty, limp, stained, or have faded print. Coins having corrosion or marks are also considered unfit.
Mutilated or damaged banknotes are also accepted for exchange provided that they passed three qualifications for redemption.
1. Current size is equivalent to at least 60 percent of the original size of the banknote
2. Security thread is intact
3. Portion of the signature of the President of the Philippines or the BSP Governor is present
The “e-Cash-in Points” service’s maiden run was held on the sidelines of the Paleng-QR Ph launch in Bankerohan Public Market in Davao City, which was also attended by Monetary Board Members Antonio S. Abacan Jr., V. Bruce J. Tolentino, Anita Linda R. Aquino, and Eli M. Remolona Jr.
Deputy Governors Bernadette Romulo-Puyat and Mamerto Tangonan, as well as other BSP representatives from across the nation, joined them as well. That week, the Monetary Board met as usual at the Davao City-based BSP Mindanao Regional Office.
The BSP Mindanao Regional Office plans to offer the “e-Cash-Int Points” service in upcoming public awareness programs and training initiatives pertaining to digital financial literacy and cashless transactions.
Tags: #BSP, #Banknotes, #Exchange, #e-wallet