The Department of the Interior and Local Government (DILG) has teamed up with the Bangko Sentral ng Pilipinas (BSP) to launch the “PISO Caravan’’ on Tuesday, June 18, at the Clark Freeport Zone in Pampanga.
In a statement, the DILG- Central Luzon Regional Office explained that the “Coaching on Business-Friendliness and Competitiveness Indicators’’ program will be the venue to exchange unfit or mutilated money with new banknotes or e-money through the BSP San Fernando Branch's Currency Exchange Partner, the Metro Angeles Bankers Association.
“Moreover, our financial service providers, Gcash, GoTyme, Maya, GRbank, Metrobank, and Porac Bank will be present to demonstrate opportunities for digitization as well as support for online transactions, ease for customers and businesses,’’ the DILG said.
The DILG noted that “money is considered unfit if it has excessively corrugated, faded print, or stained’’ and is mutilated if it has a tear, hole, animal stretched or broken.
During the program, the DILG stated that the participating financial service providers will conduct “an account opening activity’’ and will provide a financial learning session for those who want to gain additional financial knowledge.
When exchanging the damaged bills, the DILG reminded the public to comply with the “the 3S’’, namely the size of the mutilated bill should be at least 60 percent or ⅗ of the original surface area, the signature of the Philippine President or BSP Governor should be visible (a portion) and the security thread must be intact and not willfully removed.