The Bangko Sentral ng Pilipinas (BSP) Mindanao Regional Office has conducted a currency exchange service in Davao City which allowed e-wallet users to exchange their unfit banknotes and coins for e-money.
The BSP’s “e-Cash-in Points” initiative encourages the public to bring in banknotes and coins that are deemed unfit for circulation in exchange for their e-money equivalent, which will be credited to their preferred e-wallets.
The program is in line with BSP’s broader efforts to protect the integrity of Philippine currency while promoting the digitalization of financial transactions.
Unfit banknotes are those which are soiled, limp, stained, with faded print, or with obvious writings or markings. Unfit coins, on the other hand, are those which are corroded or with markings.
Meanwhile, mutilated or damaged banknotes are also accepted for exchange provided that they passed the three qualifications for redemption, namely: the current size is equivalent to at least 60 percent of the original size of the banknote; the security thread is intact; and a portion of the signature of the President of the Philippines or the BSP Governor is present.
The “e-Cash-in Points” service’s maiden run was held on the sidelines of the Paleng-QR Ph launch in Bankerohan Public Market in Davao City, which was also attended by Monetary Board Members Antonio S. Abacan Jr., V. Bruce J. Tolentino, Anita Linda R. Aquino, and Eli M. Remolona Jr.. They were joined by Deputy Governors Bernadette Romulo-Puyat and Mamerto Tangonan and other BSP officials from various parts of the country. The Monetary Board held their regular meeting that week in the BSP Mindanao Regional Office located in Davao City.
According to the BSP Mindanao Regional Office, they plan to offer the “e-Cash-in Points” service in future public information campaigns and onboarding activities related to digital financial literacy and cashless payments.
For more information on “e-Cash-in Points” and other public information campaigns in Mindanao, the public may contact the Regional Economic Affairs Staff of the BSP Mindanao Regional Office at tel. no. (082) 227-9051 or email address firstname.lastname@example.org.