ILOILO City – Bangko Sentral ng Pilipinas (BSP) – Iloilo will exchange piso bills that are dirty and unfit for circulation with clean or fit ones on Jan. 26 to 27, 2019.
Lowen Andrew Ligad, Bank Officer II, said each customer is allowed to exchange up to a maximum amount of P2,000.00 of New Generation Currency (NGC) bills at BSP-Iloilo Branch located at Solis St.in this city.
The bank will be open from 9:00 a.m. to 2:00 p.m.
Ligad said Section 20 of BSP Circular No. 829 series of 2014 provides that “Currency notes and coins considered unfit for circulation shall not be recirculated but may be presented for exchange to or deposited with any bank.”
He said peso notes shall be considered unfit for circulation when it contains heavy creases which break the fiber of the paper and indicate that disintegration has begun.
It is also unfit when it is badly soiled/contaminated and/or with writings even if it has proper life or sizing and when it presents a limp or rag-like appearance.
Ligad said the exchange of unfit peso bills is also in line with the BSP’s advocacy to promote the use of clean money to preserve and maintain the integrity of Philippine currency notes. (PIA/PN)