The Bangko Sentral ng Pilipinas (BSP) replaced P4 million worth of the public’s unfit banknotes and coins with fresh bills or digital cash under its “Piso Caravan” held in the Visayas from January to October this year.
A total of 38,917 pieces of unfit banknotes (P2,787,180.00) and 683,153 pieces of unfit coins (P1,722,892.04) were exchanged under the 24 caravans conducted in the cities of Cebu, Mandaue, Tagbilaran, Dumaguete, Iloilo, Bacolod, Tacloban, and Roxas as well as in the municipalities of Consolacion, Dalaguete, Oslob, Siquijor, and Kalibo.
Most of the unfit denominations submitted for replacement were the 20-Piso banknotes (28,284 pieces) and 1-Piso coins (262,824 pieces).
The BSP will roll out more caravans in the Visayas.
The Piso Caravan aims to remove unfit money from circulation in line with BSP’s Clean Note and Coin Policy, as well as to promote efficient recirculation of coins.
Unfit banknotes are dirty, soiled, limp, stained, or have faded print and obvious writings. Meanwhile, unfit coins are those with corrosion or markings.