BSP reminds banks to accept damaged banknotes, coins

The Bangko Sentral ng Pilipinas (BSP) on Wednesday told banks to accept damaged banknotes and coins from the public.

This is pursuant to the BSP Circular No. 829, the central bank said in an advisory.

The BSP said authorized agent banks should forward the mutilated or doubtful banknotes and coins to the central bank for examination of redemption value and/or genuineness.

To avoid disintegration or further deterioration while in transit, the BSP told banks to place mutilated currency in appropriate containers.

The central bank said mutilated banknotes shall be valid for redemption if all of the following requirements are met:

• The remaining surface area is no less than 3/5 of the original size of the banknote
• A portion of any one of the signatures of the President of the Philippines or the Governor of the BSP remains
• Presence of the Embedded Security Thread (EST) or Windowed Security Thread (WST), unless the same is lost or damaged due to fire, water, chemical, or bitten by termites/rodents and the like

“Banknotes whose EST or WST were willfully removed shall not be valid for redemption,” it said.

The BSP called on the cooperation of the banks and the public in its commitment to preserve the integrity of Philippine currency. — Ted Cordero/RSJ, GMA News