The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) reminded all banks that they must accept unfit or mutilated Philippine banknotes and coins from the public, and exchange unfit currency for fit or clean banknotes and coins free of charge. Banks are also required to facilitate the processing and submission of mutilated currency to the BSP for examination. The reminder cites BSP Circular No. 829 (series of 2014) and the Manual of Regulations for Banks, and advises banks to place mutilated currency in appropriate containers to prevent further deterioration while in transit. It reiterates the BSP’s classifications, including that unfit banknotes may be dirty, soiled, limp, stained, have faded print, or contain visible writings, while mutilated banknotes are defaced or damaged by burns, tears, perforations, or missing parts; coins are unfit when bent, twisted, defaced, or corroded but still identifiable, and mutilated when genuineness or denomination can no longer be clearly determined due to damage such as burns, corrosion, filing, clipping, or perforation. The BSP also encouraged the public to properly use and recirculate fit or clean banknotes and coins to help preserve the integrity of the national currency.
Central Bank of the Philippines 2025-02-21
Central Bank of the Philippines reminds banks to accept unfit or mutilated banknotes and coins and provide free exchange
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) reminded banks to accept and exchange unfit or mutilated Philippine banknotes and coins free of charge, as per BSP Circular No. 829 and the Manual of Regulations for Banks. Banks must also process and submit mutilated currency to the BSP for examination. The BSP emphasized proper handling and recirculation of fit currency to maintain its integrity.