Washing, soaking money to disinfect violates the law, BSP warns

Marje Pelayo   •   August 19, 2020   •   1046

MANILA, Philippines —The Bangko Sentral ng Pilipinas (BSP) advises the public to refrain from soaking banknotes in detergent soap, bleach solution and other chemicals.

“Iwasang ibabad o wisikan ang salaping papel at barya ng tubig at sabong panlaba, alcohol, bleach, at iba pang kemikal (Refrain from soaking or misting paper bills or coins with soap, alcohol, bleach or other chemical solutions),” the agency said in its advisory.

The BSP said washing or laundering money may destroy its features and such an act would constitute a penalty under the Constitution.

“Ang pamamaraang ito ay itinuturing na ‘acts of mutilation or destruction of Philippine currency'” at may kalakip na kaparusahan alinsunod sa probisyon ng PD No. 247 (This method is considered an “act of mutilation or destruction of Philippine currency” and is punishable under the provision of PD. No. 247),” the agency added.

Fear of the coronavirus disease (COVID-19) has led to creative approaches to avoid infection.

However, the BSP says washing money is not a good idea.

Under Presidential Decree 247, any act of defacing, mutilating, tearing, burning or destroying central bank notes and coins incurs a fine of more than P20,000 and/or by imprisoned for not more than five years.

Instead of washing, the BSP recommends maintaining proper hygiene and practicing proper hand washing after touching bank notes and coins.

“Para maiwasan ang pagkalat ng #COVID19, kailangang gawin ang proper hygiene at ituring ang pera na katulad ng ibang mga bagay na laging hinahawakan (To avoid the spread of COVID-19, it is important to practice proper hygiene and treat bank notes as regular objects that are frequently touched),” the agency said.

“Ugaliin ang paghuhugas ng kamay at pag-iwas sa paghawak ng mukha pagkatapos humawak ng pera (Practice regular hand washing and refrain from touching your face after touching money),” it added.

BSP warns public against sale of ‘brilliant uncirculated’ P20 coins

Marje Pelayo   •   October 7, 2020

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Wednesday (October 7) warned the public against online sellers advertising Brilliant Uncirculated 20-Piso coins for sale.

In an advisory, the agency said that it has not issued such coin series and the only P20-coin of legal tender is the 20-Piso New Generation Currency (NGC) that was released to the public beginning December 2019. 

As of end-August 2020, 2.09 million pieces of 20-Piso NGC coins amounting to PHP41.85 million are in circulation, the agency noted.

These 20-Piso NGC coins are the only ones that may be used as payment for goods and services at face value.

The BSP reminds the public to beware of online sellers advertising Brilliant Uncirculated 20-Piso coins for sale.

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LIST: Banks extend waiver of PESONet, InstaPay fees to Dec. 31

Marje Pelayo   •   October 1, 2020

MANILA, Philippines — A number of banks on Wednesday (September 30) announced that they will extend the waiver of fees for PESONet and InstaPay transactions to December 31.

Bangko Sentral Governor Benjamin Diokno was grateful for the banks’ decision as more businesses are adopting a cashless policy in an effort to protect public health amid the COVID-19 pandemic.

The Philippine Payments Management, Inc. (PPMI) is a group of BSP-supervised financial institutions (BSFIs) that aims to establish a inter-operable retail payment systems in the country.

Included in the list are major banks such as the Philippine National Bank, Land Bank of the Philippines, Rizal Commercial Banking Corporation and Security Bank among others.

The BSP also advised that PayMaya, GCash and Bank of Tokyo-Mitsubishi, Ltd. (MUFG Bank) will waive fees until October 31.

BSP issues guidelines for 60-day grace period for loan payments under Bayanihan 2

Aileen Cerrudo   •   September 30, 2020

Banks cannot charge late payment penalties and other fees due to the mandatory 60-day grace period under the Bayanihan to Recover as One Act, according to the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Benjamin Diokno said this covers loans under Government Service Insurance System (GSIS), Social Security System (SSS), and Pag-IBIG Fund.

Iyong mandatory one-time 60-day grace period ay automatic na kailangan bigay ng mga BSP-supervised financial institutions at saka ng mga ibang lending institutions katulad ng SSS, GSIS at saka iba pa (The mandatory one-time 60-day grace period should be automatically granted by the BSP-supervised financial institutions and other lending institutions such as the SSS, GSIS, and others),” he said.

The grace period covers salary loans, personal loans, commercial loans, housing loans, motor vehicle loans, amortizations, financial lease payment and premium payment, and credit card payment that has a due date from September 15 until December 31, 2020. -AAC (with reports from Vincent Arboleda)

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