BSP conducts currency exchange initiative in Davao

THE BANGKO SENTRAL ng Pilipinas (BSP) Mindanao Regional Office has conducted a currency exchange initiative to allow the public to swap banknotes and coins unfit for circulation for e-money.

The e-Cash-in Points initiative is in line with the central bank’s efforts to safeguard the integrity of Philippine currency and to promote the digitalization of transactions in the country. 

The BSP Mindanao Regional Office plans to offer the e-Cash-in Points initiative at its next campaigns and on-boarding activities on digital financial literacy and cashless payments. 

Unfit banknotes are described as soiled bills with faded print or with improper writings. Meanwhile, unfit coins are those that are corroded or have markings.

Mutilated or damaged banknotes are also accepted for exchange if the current size of the banknote is at least 60% of the original size, the security thread is intact, and signatures of the Philippine president or the BSP governor is still seen.

The currency exchange service’s maiden run was held during the launch of the Paleng-QR Ph at the Bankerohan Public Market in Davao City. This was also attended by members of the Monetary Board, who held their regular meeting that week in the BSP Mindanao Regional Office.

Paleng-QR Ph, a joint initiative of the central bank and the Department of the Interior and Local Government, aims to allow the use of digital payments in public markets and public transportation services.

“I’m honored to be here today as we launch the Paleng-QR Ph program in Davao City, which will hopefully be the launchpad [to expand cashless payments] for the rest of Mindanao. We have to start where the chances of success are greatest,” BSP Governor Felipe M. Medalla said in his message at that event.

Davao City is the second local government unit to unveil the Paleng-QR Ph program following Baguio City in August. — K.B. Ta-asan