Former Finance Secretary Gary Teves said he is supportive of the campaign on the proper use and handling of bank notes and coins that was launched by the Bangko Sentral ng Pilipinas Dumaguete Branch recently.

Teves, former president and CEO of the Land Bank of the Philippines, said the proper handling of money will lengthen its lifespan and reduce the need to print more bills, which entails high production costs.

“Our new-generation Philippine bills are especially expensive to produce because of their security features. It would be wise to inform the public how they can take better care of their bills,” Teves said.

BSP-Dumaguete introduced two 60-seconder infomercials recently, one in English and one in the dialect, to promote the Central Bank’s Clean Note Policy, which states that notes and coins that have been badly soiled, mutilated or marked with writings are considered unfit for circulation and will have to be replaced with new ones.

Presidential Decree 247 prohibits the “defacement, mutilation, tearing, burning or destruction of notes and coins.” For instance, the folding of money bills crumples and could shorten their lifespan.

BSP-Dumaguete earlier said that every month, more than one million pieces of bank notes are taken out of circulation in Negros Oriental alone. Printing of new money uses up natural resources like abaca, which comprises 20 percent of raw materials used to print peso bills.*

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