{"id":7601,"date":"2019-04-14T11:40:40","date_gmt":"2019-04-14T03:40:40","guid":{"rendered":"http:\/\/primer.com.ph\/tips-guides\/?p=7601"},"modified":"2021-07-16T11:01:54","modified_gmt":"2021-07-16T03:01:54","slug":"guide-to-proper-handling-of-the-philippine-peso","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/tips-guides\/2019\/04\/14\/guide-to-proper-handling-of-the-philippine-peso\/","title":{"rendered":"Guide to Proper Handling of The Philippine Peso"},"content":{"rendered":"

If you are thinking of writing your phone number on a Philippine bill in hopes of finding true love, you might get the police calling instead. As with any country, there are\u00a0laws against\u00a0mishandling currency<\/strong> and we’ve made this guide for that.<\/p>\n

The Philippine Peso<\/h4>\n

Philippine peso is the official currency of the Philippines with the currency code of PHP and the official symbol of \u20b1. Only the Central Bank (Banko Sentral ng Pilipinas or BSP) has the authority to issue the national banknotes and coins for legal tender.<\/p>\n

Currently, the coin denomination comes in 1, 5, and 25 cents, 1, 5, and 10 pesos. The banknotes or paper bills come in denominations of 20, 50, 100, 200, 500, and 1,000 pesos.<\/p>\n

Also read: Expat Guide: The Philippine Peso<\/a><\/em><\/p>\n

\"Banknotes<\/p>\n

Anti-mutilation Law<\/h4>\n

You may find that banks will not accept the deposit of mutilated bills and coins or may ask a few questions regarding how it came to be.\u00a0Mutilated bills will be shredded or demonetized by the bank and offenders face penalties and jail time.<\/p>\n

Under the Anti-mutilation Law or Presidential Decree No. 247<\/strong>, purposely defacing, mutilating, tearing, burning, or destroying, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines is punishable by law.<\/p>\n

Offenders will face punishment by a fine of not more than Php 20,000<\/strong> and\/or by imprisonment of not more than 5 years.\u00a0 While not\u00a0specified in the law, stapler marks and stickers are considered vandalism<\/strong> and\u00a0will not be accepted for bank deposits.<\/p>\n

Exchanging of Bills in The Bank<\/h4>\n

If the mutilation was done through accident or natural disasters such as fire, flood, and natural wear and tear, they can be exchanged in banks or at the BSP office, regional offices, or branches nationwide.<\/p>\n

\"\"<\/p>\n

Unfit notes<\/strong> can still be exchanged and deposited in banks<\/p>\n