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Manila Bulletin devider Business devider Banking & Finance devider Unfit Philippine money? Banks required to exchange it, BSP says

Unfit Philippine money? Banks required to exchange it, BSP says

Published Feb 21, 2025 08:29 am

The Bangko Sentral ng Pilipinas (BSP) has reminded all banks to accept unfit or mutilated Philippine banknotes and coins from the public to maintain the integrity of the national currency.

In a statement, the BSP urged banks to exchange damaged currency for fit or clean banknotes and coins free of charge.

Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to facilitate the processing and submission of the public’s mutilated currency to the BSP for examination.

The BSP noted that banks are advised to place mutilated currency in appropriate containers to prevent further deterioration while in transit.

The central bank added that paper and polymer banknotes are classified as unfit if they are dirty, soiled, limp, stained, have faded print or visible writings. They are considered mutilated if they are defaced or damaged by burns, tears, perforations, or missing parts due to insects, chemicals, extreme heat (such as fire), or other causes.

Meanwhile, coins are considered unfit if they are bent, twisted, defaced, or corroded but their genuineness and denomination can still be determined. They are classified as mutilated if their genuineness or denomination can no longer be clearly determined due to burns, corrosion, filing, clipping, or perforation.

The BSP encourages the public to properly use and recirculate fit or clean Philippine banknotes and coins as part of its ongoing efforts to preserve the integrity of the national currency, which reflects the country’s economic stability and trust.

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Bangko Sentral ng Pilipinas (BSP)
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