BSP to public: hand over your old, dirty peso Bills
Bangko Sentral ng Pilipinas (BSP) urges every Filipino who own mutilated or damaged peso bills and coins to have these replaced in any local bank in the Philippines.
Under BSP’s latest rules on replacing old bills and coins outlined in Circular No 829 Series of 2014, the following damages are considered ‘mutilated’ or ‘unfit for circulation:’
Bills and coins unfit for circulation:
- bills contain heavy creases and show signs of disintegration
- bills are badly vandalised with writings, are soiled or contaminated
- bills are limp and rag-like in appearance
- coins are bent or twisted out of shape
- coins show signs of corrosion
- coins are reduced in weight by wear and tear
Bills and coins mutilated:
- bill are torn but preserved using adhesive tape
- bills are reduced in size through wear and tear or damage from insects and chemicals
- bills are frail and brittle as a result of being scorched
- bills are split edgewise
- bills have lost their signatures
- bills have lost their security threads
- coins show signs of perforation, filing and clipping
- coins have been defaced due to burning or corrosion
BSP said that bills and coins that are considered unfit for circulation will be promptly replaced. Meanwhile, those considered mutilated will be replaced subject to their discretion. Those who would like to have their mutilated notes replaced may also be required to pay handling fees.
If the damaged notes are not easy to identify or have lost a significant portion of their face, the bank will still accept the notes but will not compensate the owner.
The central bank said that their guidelines on replacing old and dirty peso notes were updated to ‘further facilitate an efficient processing of currency notes and coins.’
Aside from the issue of old and dirty bills, the central bank may soon be grappling with another problem concerning its new banknotes. Congressmen Albee Benitez, Sherwin Tugma and Samuel Pagdilao Junior have urged the BSP to change some of the colours of the current banknotes because they confuse the public.
According to the three lawmakers, many Filipinos, especially the colourblind, have experienced being short-changed because some of the bills look alike. They pointed out that the Php1000 bill is a few shades lighter than the Php100 bill. They also mentioned that the shades of the Php500 bill, Php20 bill and Php50 bill are close to each other.
The lawmakers said that although BSP may not have expected that the new bills will lead to issues because of colouring, the poor might continue to encounter problems if left unaddressed.