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Bangko Sentral directs banks to accept mutilated currencies

The Bangko Sentral ng Pilipinas (BSP) reminds all authorized agent banks (AABs) to accept mutilated/doubtful currencies from the public, pursuant to BSP Circular No. 829.
AABs shall subsequently forward the mutilated/doubtful banknotes and coins, in appropriate containers to the BSP for examination of redemption value and genuineness.
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 banknotes; 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.

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