Exchange mutilated banknotes, coins at BSP’s ‘Piso Caravan’

By Benilda Recebido

SORSOGON CITY --- Bicolanos can now exchange their mutilated and unusable banknotes and coins at the Salvacion Farmers Development Cooperative (Safadeco), a partner of the Banko Sentral ng Pilipinas (BSP).

“Under the BSP’s Piso Caravan Program, we launched the Safadeco in October this year in Sorsogon City as our Currency Exchange Partner. By this partnership, they can better help keep our currency clean and in circulation,” said Atty. Tomas J. Carino, Jr, BSP South Luzon Regional Director.

Safadeco is the first cooperative in the Bicol region to offer a currency exchange counter where people can exchange mutilated and damaged Philippine currency.

Under this program, the public can exchange old, mutilated, and unfit currencies at designated exchange counters located in nine Safadeco offices in Sorsogon, as well as one in Pili, Camarines Sur, and another in Daraga, Albay.

The currency exchange is available Monday through Friday, from 9 a.m. to 11 a.m.

Salvacion Farmers Development Cooperative (SAFADECO) based in Sorsogon was formally launched on Oct. 1, 2024 as a BSP Piso Caravan Program - Currency Exchange Partner of the BSP South Luzon Regional Office. During the launching, a Signing of Pledge of Commitment took place, witnessed by Atty. Tomas J. Carino, Jr, BSP SLRO Regional Director, Alvin L. Bermido, BSP Legazpi Branch Area Director, SAFADECO Chief Executive Officer Mr. Gerwyn D. Pura and SAFADECO Board of Directors Chairperson Ma. Soledad M. Quinones. (Photo: PIA Sorsogon)

“Safadeco extends its heartfelt gratitude to Banko Sentral ng Pilipinas for trusting us as your first cooperative partner in the Bicol region for the ‘BSP Piso Caravan Currency Exchange Program,” said Safadeco chief executive officer Gerwyn Pura.

“This milestone is a testament to the trust and partnership between BSP and Safadeco, as we work together to bring vital services closer to the community,” he added.

Marivic Tan-Racquion was filled with joy when she visited the Safadeco office in Barangay Bitan-o, Sorsogon City, and had her torn P200 bill exchanged for a new, crisp one in less than 10 minutes.

She mentioned that she had planned to throw the bill away until she learned from the PIA Facebook page about the currency exchange program offered by the BSP.

According to BSP Circular 829, issued in 2014, bills can be categorized as unfit if they are excessively crumpled, have faded print, or are stained.

Mutilated bills are those that are torn, have holes, are chewed by animals, or are severely damaged.

The money exchange is based on the BSP’s 3S standard, which includes size, signature, and security thread. For banknotes, the following requirements must be met: they must be legal tender with at least 60 percent of the surface area remaining; a portion of the signature of either the president of the Philippines or the BSP governor must be visible; and the security thread must be intact.

At least one must be legal tender for coins and show no signs of perforation, filing, or clipping. Coins bent or twisted out of shape, defaced or considerably reduced in weight due to natural wear and tear are also eligible for exchange.

The BSP encourages financial institutions and other organizations interested in participating in their Piso Caravan Program to visit and coordinate with their nearest BSP regional office or branch.

The list of BSP regional offices and branches can be found in this link: https://bit.ly/robbsp. (PIA 5/Sorsogon)