BSP reminds banks to accept mutilated/doubtful currencies from public

The Bangko Sentral ng Pilipinas (BSP) reminds all authorized agent banks (AABs) to accept mutilated/doubtful currencies from the public, pursuant to BSP Circular No. 829.

AABs shall subsequently forward the mutilated/doubtful banknotes and coins to the BSP for examination of redemption value and/or genuineness. To avoid disintegration or further deterioration while in transit, banks are advised to place mutilated currency in appropriate containers.

Mutilated banknotes shall be valid for redemption if all of the following requirements are met;

1. The remaining surface area is no less than 3/5 of the original size of the banknote;
2. A portion of any one of the signatures of the President of the Philippines or the Governor of the BSP remains; and
3. Presence of the Embedded Security Thread (EST) or Windowed Security Thread (WST), unless the same is lost or damaged due to fire, water, chemical, or bitten by termites/rodents and the like.

Banknotes whose EST or WST were willfully removed shall not be valid for redemption.

The BSP encourages the cooperation of the banks and the public in its commitment to preserve the integrity of Philippine currency.