Can a mutilated banknote be replaced by the bank?

Tuguegarao, Philippines-Are you one among the owners of torn, burnt, damaged or mutilated paper bill? If so, bring it to the nearest local bank to have it be replaced with a new bill.

Dante Cambre of BSP-Tuguegarao reiterated this after around P400,000.00 was burnt in a fire incident at Tuao last week.

A peso bill is considered mutilated when torn parts of banknotes are joined together with adhesive tape, or the original size of the note has been reduced or lost through wear and tear or has been otherwise torn, damaged, defaced or perforated through action of insects, chemicals or other causes.

Cambre explained that there are only three requirements that must be met for the bank to change or replace the mutilated money. First he said is that at least 60 percent of the surface area is still readable.

Also, the signature of the President or of BSP Governor must be seen, and the security thread must still be present.

Cambre noted that only Barangay Certificate proving one is a victim of fire will be required if a “bulk of money is destroyed.”

The public is reminded not to remove the burned part of the money for easier replacement.

BSP earlier stated that mutilated money bills and coins shall be presented at any bank, said bank will subsequently forward these banknotes and coins to the BSP for analysis and determination of redemption value.

Mutilated currency must be placed in appropriate containers to avoid disintegration or further deterioration while in transit.

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