BPI-BanKo to change ‘unfit’ bills, coins starting Dec. 3

BPI Direct BanKo, Bank of the Philippine Islands’ microfinance subsidiary, will start exchanging bills and notes “unfit” for circulation for clean and undefaced money starting next month.

It will accept notes unfit for circulation starting December 3, as long as they have three-fifths of the surface area, a portion of the facsimile signature, and the security thread, BanKo said in a press conference in Quezon City.

According to the Bangko Sentral ng Pilipinas (BSP), 40 to 60 percent of total bills in circulation are unfit—but still have monetary value.

“Money is a symbol of our country and that is not realized by most of us,” BSP Managing Director Josefa Elvira Ditching-Lorico told reporters at the same briefing on Wednesday.

Most of the unfit bills in circulation are usually found in areas where there are a small number of banks operating, Lorico said, citing Ilocos Norte, Dagupan, Calapan, Aurora, La Union, Masbate, Cebu, Laguna, Mindoro, Bulacan, Davao, and Batangas.

BPI Direct BanKo’s program, called “Palitan ng Pera sa BanKo,” allows clients to change their unfit coins and bills for clean and undefaced money.

Money “unfit” for circulation has unauthorized markings, stains, faded prints, unnecessary folds, cuts, and burn marks.

The program supports the central bank’s Clean Note Policy of replacing and  redeeming currency notes and coins that are mutilated and unfit for circulation.

Mutilated currency notes and coins are changed by the central bank with notes and coins considered fit for circulation.

“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 donation counters, and not recirculating these coins,” said Rod Mabiasen, BanKo head of Microenterprise Loans.

The program is initially available in 10 areas nationwide:

• Cubao, Quezon City

• Balanga, Bataan

• Dagupan, Pangasinan

• Legazpi, Albay

• Calapan, Mindoro

• Puerto Princesa, Palawan

• Dumaguete, Negros Oriental

• Roxas City, Capiz

• Valencia, Bukidnon

• Digos, Davao del Sur

“We see that moving forward, the Philippines should have clean money. In fact we should have a clean money society,” Lorico said. —VDS, GMA News