Since setting up an office in Puerto Princesa, the Bangko Sentral ng Pilipinas (BSP) has facilitated the exchange of old and damaged paper bills, as well as coins, amounting to a total of ₱1.6 million.
According to BSP-Puerto Princesa Area Director Ronaldo O. Bermudez, during a recent media information session here, the exchange of old paper bills and coins is conducted through the Piso Caravan in various municipalities in Palawan, including Puerto Princesa, in collaboration with banks.
Bermudez added that currently, the largest concentration of banks is in Mindoro, with 144 out of the 328 banks in the MIMAROPA Region located in Oriental Mindoro, while Palawan hosts the majority of universal and commercial banks that partner with them in conducting the Piso Caravan.
He also mentioned that their most recent Piso Caravan was held during the Baragatan sa Palawan Festival 2024, benefiting many Palaweños.
It was also stated that the problem of currency shortages in Palawan is gradually being resolved, while ensuring that with the presence of the Bangko Sentral ng Pilipinas branch in the city, the circulation of coins and paper money will continue.
One of the reasons identified for the coin shortage before BSP-Puerto Princesa was established is hoarding for sale or exchange in large stores due to incentives received, sometimes including additional coffee or burgers.
“Now that BSP is here, we will replenish the supply of coins in our banks and ensure that there is a supply of coins for their clients to stop the hoarding or hiding of coins,” Bermudez said. (OCJ/PIA MIMAROPA-Palawan)
