BSP reminds public of ‘clean note policy’ this election season

TACLOBAN CITY, May 6 (PNA) -– The Bangko Sentral ng Pilipinas (BSP) has reminded the public that commercial banks will not accept bills with stickers and staple wires, a common disrespectful act to banknotes during election season.

BSP Tacloban branch head Ludivina Realina said commercial banks will only accept clean notes and the burden of taking out stickers and staple wires is passed to depositors.

“We have to respect of our currency by keeping it clean. It is very hard to see security features if banknotes are mutilated. Sometimes the money becomes unfit for circulation and the government spends a lot to produce money,” Realina told reporters.

The BSP reiterated the clean note policy in some areas of the country after observing the massive circulation of bills with sticky substance and staple wires in the past elections.

Commercial banks have been asked to not accept deposits of money bills that have staple wires on it unless they are removed. Sticky substance on the bank note is also cause for non-acceptance of deposit transactions, the BSP warned.

Realina asked politicians, supporters, and the general public to respect the law and not tamper with the country’s currency.

The BSP Tacloban branch is not accusing anyone engaging in vote buying, but is instead telling the public to just be aware of the implications of possessing defaced or mutilated bank notes.

Although there are reports of rampant vote buying, the BSP official said there’s no significant increase of banknotes this election season since the demand in the region has always been high.

The removal of sticky substance and staple wires is part of the BSP’s clean note policy.

The BSP Tacloban branch serves 196 banks in six provinces of Eastern Visayas with total deposits of PHP85.06 billion. (PNA)
LAP/SARWELL Q. MENIANO