In a significant move to enhance financial accessibility across the Philippines, the Bangko Sentral ng Pilipinas (BSP) has teamed up with the Palawan Group of Companies (PGC). This collaboration aims to extend the reach of the Piso Caravan, a program designed to facilitate the exchange of damaged or unfit banknotes and coins for usable currency. The partnership was formalized at a signing ceremony held at the BSP’s headquarters in Manila, attended by key figures including BSP Deputy Governor Bernadette Romulo-Puyat, PGC chairperson Bobby Castro, president and CEO Karlo Eugene Josef Castro, and CFO Lilian Concepcion Selda.
The Piso Caravan is a component of the BSP’s broader coin recirculation program, which seeks to improve the circulation of coins, boost financial literacy, and promote digital transactions. According to Deputy Governor Romulo-Puyat, the Palawan Group’s extensive network of over 7,960 locations nationwide will play a crucial role in making financial services more accessible, particularly in remote areas. This initiative is expected to significantly enhance the reach of essential financial services to a broader segment of the Filipino population.
Under the terms of their commitment, the Palawan Group will actively participate in withdrawing unfit and mutilated currency from circulation, promoting financial education, encouraging the use of idle coins, and fostering a better understanding and appreciation of the monetary system among the public.