The Bangko Sentral ng Pilipinas (BSP) has brought its “Piso Caravan” to Tacloban City, as it continued its campaign to replace mutilated banknotes and coins.
From October 28 to 30, BSP launched its "Piso Caravan" at the Robinsons Place Tacloban, where residents can have worn-out banknotes and coins replaced with new ones free of charge.
Unfit banknotes are paper money that is soiled, limp, stained, or has faded print, obvious writings, or markings. Unfit coins, on the other hand, are those with corrosion or markings, according to Erma Lagarto, BSP-Cebu senior bank officer.
Classified as mutilated banknotes are those with adhesive and staple wires; charred or decayed; with tear, hole, or missing part; and splitting of substrate.
“The goal of BSP Piso Caravan is to ensure that people’s money is safe and clean. This caravan is a convenient way to do that,” Lagarto added.
Under Republic Act No. 7653, the BSP will retire or destroy all banknotes and coins found to be unfit, mutilated, or demonetized, including seized counterfeits.
This will ensure that only fit and legal tender banknotes and coins are circulated and used to purchase goods and services.
The BSP has continuously warned the public that the illegal defacement, mutilation, burning, or destruction of coins may be subject to imprisonment of up to five years and a fine of P20,000.
The BSP caravan is part of the 14th Leyte Consumer Information and Market Exhibition and brings together consumers, businesses, and agencies to highlight the importance of consumer rights and responsibilities in today’s marketplace.
(With report from PNA)
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