MANILA, Philippines - Do you have damaged peso bills and corroded coins?
Consumers can now bring these mutilated currency notes and coins at local banks, which will then refer them to the Bangko Sentral ng Pilipinas (BSP).
This comes as the central bank issued Circular no. 829 requiring banks to accept mutilated notes and coins for referral to the BSP's Currency Issue and Integration Office or its other regional offices for determination of redemption value.
"In particular, BSP Circular No. 829 dated March 13 highlights amendments that aim to preserve and maintain the integrity of Philippine currency notes and coins," the BSP said.
The BSP said banks are allowed to charge their clients "reasonable handling fees" for this service.
However, not all damaged notes will be replaced by the BSP, which set two conditions.
"Notes that are split edgewise resulting in loss of the whole of, or part of, either the face or back portion of the banknote paper," will not be redeemed by the BSP.
Also, "notes where the embedded or windowed security thread is completely lost, except when the damage appears to be caused by wear and tear, accidental burning, action of water, chemical, bites of rodents/insects, and the like" will not be replaced.
Coins showing signs of corrosion "will be considered unfit for circulation," the central bank said.
"These amendments on the treatment of unfit and mutilated Philippine peso currency notes and coins were formulated to further facilitate an efficient processing of currency notes and coins deposited by banks to the BSP and submitted by the general public for examination as to their genuineness and/or redemption value," the BSP said.