The Central Bank of the Philippines has partnered with the Palawan Group of Companies (PGC) to bring the Bangko Sentral ng Pilipinas (BSP) Piso Caravan to more Filipinos, widening access to facilities that exchange mutilated or unfit banknotes and coins for fit currency. The partnership was formalised through a pledge of commitment signed by PGC executives at the BSP headquarters in Manila. Under the arrangement, Palawan Group will act as a Currency Exchange Center for the Piso Caravan, which sits within the BSP Coin Recirculation Program. PGC committed to actively withdrawing unfit and mutilated notes and coins from circulation, promoting financial literacy and proper currency handling, encouraging the circulation of idle coins, and fostering behavioural change to strengthen public appreciation of the monetary system; the BSP also highlighted Palawan Group’s more than 7,960 locations nationwide as a channel to reach more communities, including remote areas.
Central Bank of the Philippines 2025-02-05
Central Bank of the Philippines partners with Palawan Group to expand Piso Caravan exchanges of unfit banknotes and coins
The Central Bank of the Philippines has partnered with the Palawan Group of Companies to expand the Bangko Sentral ng Pilipinas Piso Caravan, enhancing access to currency exchange facilities for unfit banknotes and coins. Palawan Group will serve as a Currency Exchange Center, leveraging its extensive network to promote financial literacy and proper currency handling across the nation.