The Bangko Sentral ng Pilipinas (BSP) reminds all banks to accept unfit or mutilated Philippine banknotes and coins from the public for exchange.
Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to process and submit the public’s mutilated currency to the BSP for examination. This exchange must be done free of charge, with unfit currency being replaced with clean, fit banknotes and coins.
To prevent further damage during transit, banks are advised to place mutilated currency in appropriate containers.
What is Considered Unfit or Mutilated Currency?
- 𝗣𝗮𝗽𝗲𝗿 𝗮𝗻𝗱 𝗣𝗼𝗹𝘆𝗺𝗲𝗿 𝗕𝗮𝗻𝗸𝗻𝗼𝘁𝗲𝘀: Banknotes are considered unfit if they are dirty, soiled, limp, stained, have faded print, or have visible writing. They are classified as mutilated if they are defaced or damaged by burns, tears, perforations, or missing parts due to insects, chemicals, or extreme heat (such as fire).
- 𝗖𝗼𝗶𝗻𝘀: Coins are unfit if they are bent, twisted, defaced, or corroded, but their authenticity and denomination can still be identified. They are considered mutilated if their authenticity or denomination can no longer be determined due to burns, corrosion, filing, clipping, or perforation.
The BSP encourages the public to handle and recirculate fit and clean banknotes and coins as part of its efforts to maintain the integrity of the national currency, reflecting the country’s economic stability and public trust.
𝐹𝑜𝑟 𝑓𝑢𝑟𝑡ℎ𝑒𝑟 𝑖𝑛𝑓𝑜𝑟𝑚𝑎𝑡𝑖𝑜𝑛, 𝑝𝑙𝑒𝑎𝑠𝑒 𝑣𝑖𝑠𝑖𝑡 𝑡ℎ𝑒 𝐵𝑆𝑃 𝑤𝑒𝑏𝑠𝑖𝑡𝑒.
