The Bangko Sentral ng Pilipinas (BSP) recently sent a message to local banks that “Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to facilitate the processing and submission of the public’s mutilated currency to the BSP for examination.”
BSP rules specify that bank notes are classified as unfit if the notes are dirty, soiled, limp, stained, or faded. Notes are considered to be mutilated if they are defaced or damaged due to burns, tears, perforations, or are missing parts due to insects, chemicals, extreme heat, or other such calamities
According to the BSP, coins are unfit if they are bent, twisted, defaced, or corroded, but with the stipulation, the denomination can still be identified. Coins are considered mutilated if…