BSP reminds banks to accept dirty, defaced currency from public
INQUIRER FILE PHOTO
MANILA, Philippines – The Bangso Sentral ng Pilipinas (BSP) reminded banks to accept “unfit” or “mutilated” currency from the public.
According to BSP, paper banknotes and polymer are considered “unfit” “if they are dirty, soiled, limp, stained, have faded print or visible writings.” Meanwhile, mutilated currency is “defaced or damaged by burns, tears, perforations, or missing parts due to insects, chemicals, extreme heat, or other causes.”
READ: Turn in your dirty peso bills to banks, says BSP
Further, coins will be tagged as unfit if they are “bent, twisted, defaced, or corroded” but the denomination can still be recognized. However, mutilated coins’ genuineness or denomination can not be determined after suffering damages.
BSP Circular No. 829 released in 2014 also stated that unfit currency “shall not be recirculated” but may be exchanged to or deposited with any bank.
It added that banks must accept mutilated currency “for referral or transmittal” to any BSP branches “for determination of redemption value.”
However, the circular noted that replacing or redeeming notes of unfit or mutilated banknotes or coins is acceptable except for the following conditions:
- Impossible identification of notes and coins
- Coins showing signs of filing, clipping, or perforation
- Notes which lost more than two-fifths of surface or all of signatures
- Split notes resulting in loss of whole or part, either the face or back portion of the banknote paper
- Notes where Embedded Security Threat or Windowed Security Thread is completely lost except when they are damaged by wear and tear, accidental burning, action of water or chemical or bites of rodents/insects and the like
READ: BSP unveils new polymer banknote series
The Central Bank also said that exchanging unfit currency for fit and clean ones is free of charge.
It also encouraged the public to use and recirculate fit and clean currency as a bid “to preserve the integrity of the national currency, which reflects the country’s economic stability and trust.”
