Regulatory Alerts2025-02-19
CL-2025-009: Reminder on the Proper Handling of Philippine Banknotes
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2025-009 to remind all supervised financial institutions of proper handling protocols for the newly launched First Philippine Polymer banknote series. The directive mandates that institutions avoid unnecessary markings on banknotes, as defaced notes are considered unfit for circulation and must be surrendered for retirement. Additionally, the BSP warns the public that willful mutilation or destruction of currency is punishable by a fine of up to PHP 20,000 and imprisonment of up to five years under Presidential Decree No. 247.
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