The Bangko Sentral ng Pilipinas (BSP) reiterated its call to the public to stop using "unfit" banknotes and urged consumers to deposit them at any bank for “immediate” replacement.
BSP Currency Policy and Integrity Department Bank Officer Nenette Malabrigo told listeners of DTI's Konsyumer At Iba Pa program in DZBB on Saturday, Nov. 25 that unfit banknotes are bills with heavy creases, disintegration, soiled or contaminated paper, extensive writing, and a limp or rag-like appearance.
“Maaari naman po nating tanggapin (unfit banknotes). Kaya lang tayong mga nakatanggap, ang pakiusap po natin, ‘wag na nating gastusin ulit, o ‘wag na natin uling gamitin bilang pambayad sa anumang serbisyo at produkto. I-deposito na po natin sa ating mga bangko [We can accept unfit banknotes. But for those who have received them, please do not spend them again, or do not use them as payment for any service or product. Let's deposit it in our banks],” Malabrigo said.
“Pinapalitan po ng mga bangko ang anumang unfit na banknote, o salaping papel, salaping polymer [Banks exchange any unfit banknotes, or paper money, polymer money]," she added.
“Diretsong papalitan agad nila pag dinala po nila sa anumang bangko [They will immediately change it when they bring it to any bank],” the BSP official also said.
For ease of consumers, Malabrigo noted that they can deposit their unfit bills to any nearest bank, assuring that these banks have signed a cooperation agreement with the BSP on the replacement of banknotes brought by the citizens.
She also encouraged consumers to return mutilated bills to any bank to be forwarded to the BSP for analysis.
A banknote is considered mutilated if it has torn parts joined by adhesives, reduced in size due to wear and tear, torn or damaged by chemicals, scorched or burned, has split edges, and has lost all inscribed signatures, she explained.
Unlike unfit bills, the value of a mutilated banknote can only be redeemed under specific conditions.
According to the BSP, at least three-fifths of the banknote's original size should be visible on the remaining surface area.
In addition, any signature from the Philippine president or the BSP governor should be partially visible.
The Embedded or Windowed Security Thread must also be present unless lost or damaged by fire, water, chemical, rodents, or pests.
Meanwhile, Malabrigo reminded citizens to use banknotes responsibly as they are liable for any actions that may deface or mutilate the currency notes and coins issued by the BSP.
Presidential Decree No. 247 stipulates that violators can face a fine of up to P20,000 or imprisonment of up to five years upon conviction.
Further, Malabrigo stressed that the 1,000-piso polymer banknote, which has been circulating since April 2022, is under a “three-year period of observation” where BSP monitors its public acceptance and to test whether it’s hard to counterfeit.
On the joint enforcement side, BSP Payments and Currency Investigation Group Senior Investigation Officer Atty. Renee Mark Fajardo confirmed that no counterfeit of the new polymer banknote using the same material has been encountered, so far.
Fajardo said that there has been a reported attempt of copying the polymer bill using paper material, highlighting that any counterfeited 1,000-piso polymer banknote can be easily identified by their team.
However, he said that the paper banknotes, such as the 500-piso bill and the 1000-piso bill, are still being highly counterfeited, reminding the citizens to be careful in accepting money.
As for DTI Consumer Protection Group Assistant Secretary Amanda Nograles, she highlighted the importance of being a “wise” consumer in terms of valuing the Philippine currency and using it responsibly.