The Banko Sentral ng Pilipinas (BSP) South Luzon Regional Office (SLRO) conducted an Information Caravan in Odiongan, Romblon on March 28, to cascade important updates and advocacy on Polymer Banknote; and on Scam and Fraud.
Different information officers in the province attended the caravan including representatives from the media.
During her talk, BSP South Luzon Acting Bank Officer II Karel Saskia B. Odiver and Paulette Gay S. Menguilla said that information officers and the local media will be a big help in disseminating information regarding myths about polymer banknotes.
Based on the handling guidelines by the BSP, retailers, and banks should accept folded polymer bills, new-generation currency, and enhanced new-generation currency in their day-to-day transactions.
Menguilla shared that there are three criteria of banknotes to determine if the bills are still fit for recirculation. These are: fit, unfit, and mutilated.
“Bills that are quality criteria and standards to be kept in circulation criteria can be recirculated, while unfit banknotes that have soilage, stains and markings, limpness, faded print, and crumples or heavy folds should be changed to the bank,” according to Menguilla.
Mutilated banknotes are those with tear, hole, or missing part; adhesives or any material sticking on the paper, splitting of substrate, and charring or decay.
BSP South Luzon Regional Office reminds the public that it is unlawful to willfully deface, mutilate, tear, burn, or destroy, in any manner whatsoever, currency notes and coins issued by the BSP, pursuant to Presidential Decree No. 247.
On Fraud and Scam, Menguilla reminds attendees to keep away from text scams, credit card and ATM skimming, pyramiding scheme, spurious investments, identity theft, phishing, spoofing, Nigerian scams, budol-budol scams, and dugo-dugo scam.
