BPI Direct BanKo (BanKo), microfinance subsidiary of the Bank of the Philippine Islands (BPI), launched Wednesday, November 21, its “Palitan ng Pera sa BanKo” program to promote re-circulation of coins and proper handling of the Philippine currency.
The program will allow the populace to swap their coins and bills that are unfit for currency for fit ones starting December 3.
It will be implemented in 10 areas where BanKo has branches: Cubao; Balanga, Bataan; Dagupan, Pangasinan; Legazpi, Albay; Calapan, Mindoro; Puerto Princesa, Palawan; Dumaguete, Negros Oriental; Roxas City, Capiz; Valencia, Bukidnon; and Digos, Davao del Sur.
Rodolfo Mabiasen Jr., head of Microenterprise Loans Group of BanKo, said this will help promote the economic and cultural importance of the Philippine peso and encourage Filipinos to handle Philippine banknotes properly so that they last longer.
“We aim to address the perceived shortage of coins in some regions of the country because of the common practice of keeping coins idle in piggy banks, drawers, wallets, jars and donations counters, and not recirculating these coins," he said during the launching of the program at the BanKo in Cubao, Quezon City.
"BanKo supports BSP’s advocacy to promote the use of clean money by being a convenient and accessible venue for exchanging coins and notes that are considered unfit for circulation,” Mabiasen added.
Josefa Elvira Ditching-Lorico, managing director of the Bangko Sentral ng Pilipinas (BSP), stressed the importance of the Philippine peso and said that those who are caught violating the bill or coin would be charged up to P20,000.
“It is (the) most needed, but also (the) most disregarded symbol of the country,” she said.
BanKo targets to serve the unbanked and underserved such as the self-employed micro-entrepreneurs (SMEs). As they conduct their daily transactions, the probability of SEMEs in possession of coins and bills unfit fir circulation remains high.
Starting December 3, customers who will exchange their unfit bills and coins for fit ones will get a corresponding freebie for every transaction, including Noche Buena items and BanKo merchandise depending on the amount given.
To ensure a safe transaction, the exchange of coins and notes may only be done within the branches.
No BanKo representative will go around and exchange coins and bills in public areas, bank executives said. (UST Intern Juan Miguel Bonjoc)