News

Branch Banking

Staff Reporter

, Philippines

Published:

2 days ago

Photo from BSP

Philippine central bank expands programme for easier exchange of mutilated currency

The Piso Caravan aims to improve coin circulation.

The Bangko Sentral ng Pilipinas (BSP) has partnered with the Palawan Group of Companies (PGC) aiming to bring the Piso Caravan to more Filipinos for easier exchange of mutilated currency for fit ones.

The Piso Caravan is part of the BSP’s Coin Recirculation Programme, which aims to improve coin circulation, promote financial literacy, and encourage digital transactions.

“With over 7,960 locations nationwide, Palawan Group has built the largest domestic money remittance network locally, making financial transactions more accessible for Filipinos,” said BSP deputy governor Bernadette Romulo-Puyat.

In a ceremony held at the BSP headquarters on 4 February 2025, PGC Chairman Bobby L. Castro, President and CEO Karlo Eugene Josef M. Castro, and CFO Lilian Concepcion C. Selda signed a pledge of commitment to support this initiative.

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