The Central Bank of the Philippines (BSP) issued a circular letter reminding all BSP-supervised financial institutions to avoid unnecessary writings, marks, or stamps on Philippine banknotes and to promote proper handling among staff and customers, in support of its Clean Note and Coin Policy. The BSP noted that the First Philippine Polymer (FPP) Banknote Series, launched on 19 December 2024, includes the previously issued PHP 1,000 denomination and new designs for PHP 500, PHP 100, and PHP 50, and will circulate alongside the New Generation Currency (NGC) series paper banknotes. Under the Manual of Regulations for Banks and the Manual of Regulations for Non-Bank Financial Institutions, banknotes with writings, marks, or stamps are considered unfit for circulation and should be surrendered to the BSP for retirement; the circular also reiterated that willful defacement or destruction of banknotes or coins is punishable by a fine of up to PHP 20,000 and/or imprisonment of up to five years under Presidential Decree No. 247.
Central Bank of the Philippines 2025-02-11
Central Bank of the Philippines reminds supervised institutions to stop stamping or marking banknotes and promote proper handling of polymer and paper currency
The Central Bank of the Philippines (BSP) issued a circular reminding financial institutions to avoid unnecessary markings on banknotes, supporting its Clean Note and Coin Policy. The First Philippine Polymer Banknote Series, including new designs for PHP 500, PHP 100, and PHP 50, will circulate alongside the New Generation Currency series. Marked banknotes are unfit for circulation and must be surrendered to the BSP, with penalties for defacement outlined under Presidential Decree No. 247.