BSP, PH bankers join hands to preserve integrity of PH currency

MANILA – The Bankers Institute of the Philippines Inc., (BAIPHIL) is now a partner of the Bangko Sentral ng Pilipinas (BSP) for a focused, sustainable, wide-reaching and holistic approach in the implementation of the Clean Note and Coin Policy (CNCP), the BSP announced in a statement.

Coinciding with the celebration of BSP’s 70th year of central banking in the Philippines and BAIPHIL’s 30th National Convention, the partnership was formally launched last March 13, 2019 at Hotel Veniz Burnham, Baguio City.

Over 200 representatives from various sectors — banks, businesses, market vendor associations, transport groups, cooperatives, and government agencies convened for the launch event.

A Know Your Money (KYM) briefing was also conducted by the Currency Communications Staff, BSP, and an on-site unfit currency exchange was provided by BAIPHIL-member banks, such as the Bank of the Philippine Islands-Abanao Branch, and UnionBank of the Philippines-Baguio Branch.

In her opening remarks, Philippine Deposit Insurance Corporation Vice President Irene DL. Arroyo, former president of BAIPHIL, highlighted the three objectives of the partnership — to protect the integrity of the Philippine currency, to inform the public of the features of genuine notes and coins, and to develop the habit of using only clean notes and coins.

BAIPHIL president Dom B. Gavino Jr., pledged support to the BSP in the implementation of the CNCP.

“We see this collaboration efforts to continue on a regular basis as the BSP and BAIPHIL will jointly provide public information campaigns and currency exchange in areas found to have the most soiled and unfit notes and coins,” he added.

Gavino is confident that through BSP and BAIPHIL’s commitment and willingness to contribute, cleaner notes and coins will be in circulation.

In her key message, BSP Managing Director Josefa Elvira E. Ditching-Lorico shared that the BSP is exploring strategic partnerships with key organizations to widen the reach of information on currency-related matters.

“The BSP also enjoins the banks and the general public to ensure that the life of notes and coins is extended, by deterring unacceptable practices such as stapling and excessive folding of banknotes. Banks should also deposit or exchange on a regular basis unfit banknotes and coins with the BSP,” she added.

Lorico is optimistic that the partnership will succeed in its mission of reinforcing positive change in Filipinos in handing Philippine banknotes and coins.

The BSP continued its information campaign in Baguio City on March 14 to 16, 2019 as CNCP-related collaterals were featured in a booth and distributed to bankers during the 30th BAIPHIL National Convention at Baguio Country Club.

The BSP-BAIPHIL partnership is part of a broader campaign to preserve the integrity of the Philippine currency./PN


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