Shredded bank notes found in Cagay

By Felipe V. Celino 

 

ROXAS CITY, Capiz—Several residents found sacks of shredded peso bills in an empty lot at Brgy. Cagay, Roxas City Wednesday morning.

The police immediately investigated the area after receiving reports from the residents.

It was later found out that the shredded bills were disposed by the Bangko Sentral ng Pilipinas office on Arnaldo Boulevard here.

Jonathan Agrasada said their disposal team was supposed to bring the shredded bills to the dumping site at Brgy. San Jose.

But one of the truck’s tires deflated and the disposal team had to leave the sacks of shredded peso bills so they can bring the vehicle to the repair shop.

The team later picked up the shredded bills and brought them to the dumpsite.

The BSP spends several million pesos a year to dispose of notes that can no longer be used as currency.

Most old notes are shredded and sold to various companies that can use the material as fuel for their furnaces.

Only the BSP is authorized to dispose of bills, which are the central bank’s property.