BSP replaces unfit currency with digital cash in Tagbilaran

The Bangko Sentral ng Pilipinas (BSP) Visayas Regional Office (VRO) offered currency exchange services in Tagbilaran City to encourage the public to replace their unfit banknotes and coins with digital cash. The activity was held on the sidelines of the Paleng-QR Ph Plus launch in the city on January 10.

The “BSP Piso Caravan” currency exchange program was conducted for the first time in Visayas to replace unfit money by depositing the equivalent amount to clients’ e-wallets. The BSP VRO staff also assisted those without e-wallets in setting them up.

Juliet Boniel, a fruit vendor at the Tagbilaran City Central Public Market, shared the benefits she experiences using an e-wallet. Boniel says, “Mas pinadali at hassle-free ang mga transaksyon. Nabawasan din ang pagpila ko sa mga bangko at remittance centers para mag-transfer ng pera.”

Unfit banknotes are soiled, limp, stained, or have faded print, obvious writings, or markings. Meanwhile, unfit coins are those with corrosion or markings.

The BSP Piso Caravan is in line with the central bank’s commitment to preserve the integrity of Philippine currency and promote digital payments to bolster financial inclusion.

For more information on the BSP Piso Caravan and other public information campaigns in the Visayas, contact the Regional Economic Affairs Staff of the BSP VRO at telephone no. (032) 254-9368 or email address AOville@bsp.gov.ph.​