CEBU CITY (Cebu Examiner / May 28, 2014) – The Bangko Sentral ng Pilipinas and the Cebu Bankers Club have assured the public that all banks shall continue to accept dilapidated money for deposit or exchanged with new ones, according to the Philippine Information Agency.
Officials from BSP Cebu and the Cebu Bankers Club made the assurance in a press conference amid reports that some banks are no longer accepting these bills.
BSP Cebu Regional Director and lawyer Maria Berciles denied the report and said all banks are obligated to accept unfit bills under the Clean Note policy of BSP.
“The policy of BSP is to provide the public with good, clean notes. So it is our mandate as well as that of the banks which are agents of Bangko Sentral to accept these unfit notes,” Berciles said.
According to BSP, bills that are considered unfit are those that contain heavy creases which break the fiber of the paper, badly soiled or contaminated and or with writings or presents a limp or rag-like appearance.
Joey Umerez, President of Cebu Bankers Clu, said that after learning of the reports claiming that banks are rejecting unfit bills, they immediately sent advisories to their member banks that they are to continue accepting unfit bills either for deposits or exchange.
“That is the advisory we sent out last week. Most definitely, banks are accepting unfit bills,” he assured. (Rachelle Nessia)
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