The Bangko Sentral ng Pilipinas (BSP) recently conducted an information caravan on Philippine banknotes, aiming to educate the public about the security features and proper handling of currency to media and information officers in Oriental Mindoro on September 19.
The event was part of the BSP’s continuous efforts in promoting financial literacy and safeguarding against counterfeit money.
Through informative sessions and interactive exhibits, the attendees were enlightened about the intricate design elements, such as watermarks, security threads, embossed prints, and ultraviolet features that make Philippine banknotes resilient to forgery.
Additionally, participants gained insights into proper banknote storage techniques, including avoiding exposure to moisture and direct sunlight.
BSP Bank Officer V, Keith Eduard Hidalgo discussed the country’s currencies and one of them is the new one thousand polymer banknote and the old banknotes that are mutilated or broken, whether they can be replaced or not.
According to Hidalgo, Philippine old banknotes are of no monetary value, therefore, it cannot be exchanged for new ones.
Meanwhile, BSP Bank Officer II, Paulette Menguilla explained about fraud and scams as well as what is stated in the Financial Consumer Protection Act.
This initiative highlights BSP’s commitment towards ensuring a secure financial system in the Philippines while fostering transparency.
BSP disseminates knowledge to citizens and encourages their active participation in maintaining the integrity of Philippine currency by conducting such caravans throughout different regions of the country. (GATS/PIA MIMAROPA)