[FOR YOUR INFO] BSP reminds banks to accept mutilated currencies from public
The Bangko Sentral ng Pilipinas (BSP) on Wednesday reminded all authorized agent banks (AABs) to accept mutilated or doubtful currencies from the public, pursuant to BSP Circular 829.
In a statement on Wednesday, the BSP said AABs shall subsequently forward the mutilated or doubtful banknotes and coins to the BSP for examination of redemption value and/or genuineness.
“To avoid disintegration or further deterioration while in transit, banks are advised to place mutilated currency in appropriate containers,” the central bank said.
Mutilated banknotes shall be valid for redemption if all of the following requirements are met: the remaining surface area is no less than 3/5 of the original size of the banknote; a portion of any one of the signatures of the President of the Philippines or the Governor of the BSP remains; and presence of the embedded security thread (EST) or windowed security thread (WST), unless the same is lost or damaged due to fire, water, chemical or bitten by termites/rodents and the like.
Banknotes whose EST or WST were willfully removed shall not be valid for redemption.