The Bangko Sentral ng Pilipinas (BSP) has been building up its Clean Note and Coin Policy and the Coin Recirculation Program with its recently relaunched “Piso Caravan” to preserve the country’s currency integrity.
The Bangko Sentral ng Pilipinas has been building up its Clean Note and Coin Policy and the Coin Recirculation Program with its recently relaunched “Piso Caravan” to preserve the country’s currency integrity.
The BSP said on Monday, Feb. 20, that it has brought the Piso Caravan to Naga City which was the second leg in the pipeline that started in Tagbilaran City last month. It added that this program should provide Filipinos “the opportunity to conveniently replace their unfit currency with fresh banknotes and coins, as well as digital cash.”The BSP describes unfit banknotes as money that are “soiled, limp, stained, or have faded print, obvious writings, or markings.
Naga City is the first local government unit in South Luzon and the fourth in the Philippines to launch the Paleng-QR Ph Plus program, following the cities of Baguio, Davao, and Tagbilaran, said the BSP. Meanwhile, thrift bank Philippine Savings Bank, and rural banks BDO Network Bank, Camalig Bank, Queenbank and Rural Bank of Guinobatan also led the program, with e-money wallet providers GCash and Maya, and cryptocurreny provider Coins.ph.
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