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| The BSP Piso Caravan allows the public to exchange damaged or unfit currency for new money or e-money across the Philippines. Photo: BSP/Facebook |
TACLOBAN CITY – The Bangko Sentral ng Pilipinas (BSP) has launched its Piso Caravan, a nationwide initiative that enables the public to exchange their unfit or mutilated currency for new money or e-money. This caravan is part of the BSP's ongoing efforts to maintain the quality and integrity of Philippine currency in circulation.
The Piso Caravan, in collaboration with Currency Exchange Centers (CEC) and Currency Exchange Partners (CEP), will travel across various regions to make currency exchange services accessible to more Filipinos. The program targets individuals who possess either unfit currency—characterized by excessive creasing, faded prints, or stains—or mutilated, including bills that are torn, have holes, or have been chewed by animals.
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Posted by Bangko Sentral ng Pilipinas on Friday, August 16, 2024
Financial institutions supervised by the BSP that wish to participate in the Piso Caravan Program are encouraged to contact the nearest BSP regional office or branch. A complete list of these offices and branches is available online: https://bit.ly/robbsp.
The BSP has set specific criteria for determining whether a bill is still exchangeable. Currency must meet the 3S standards: at least 60% of the bill's original size must remain, a part of the signature of either the President of the Philippines or the BSP Governor should be visible, and the bill's security thread must still be intact.
The public is encouraged to visit the BSP’s official website and social media channels to stay updated on the Piso Caravan schedule and learn more about the program. This initiative ensures that currency in circulation remains in good condition and promotes financial inclusivity by providing convenient access to currency exchange services. —iTacloban