FIRST IN APAYAO: BSP partners with Bangko Montanosa; Currency Exchange Center launched

Conner, Apayao – Bangko Montanosa, Inc. Conner Branch and the Bangko Sentral ng Pilipinas (BSP) launched the first Currency Exchange Center (CEC) in Apayao as means to keep the integrity of the Philippine Peso and ensure proper circulation of clean notes even in the rural areas.

People in Conner and nearby towns can now exchange their dirty, damaged, or mutilated money at Bangko Montanosa, Conner Branch from Monday to Friday from 1.00 PM to 3.00 PM.

The launching of the CEC was done on February 11 in Barangay Malama, Conner, Apayao with the presence of Bangko Montanosa President Christine B. Wangdali, Vice-President for Operations Janette Balinsat, Independent Director Rosita Rama, and Branch OIC Bailio Agusil, along with the team of the BSP from Tuguegarao, Cagayan led by BSP Area Director Eva Lynne M. Marcos.

During the launching, a briefing and lecture was provided by BSP through Maria Elena Madriaga on the importance of currency care and penalties of willful mutilation, the features of the Philippine Currency, evolution, determining fake from authentic notes, and responsibilities of people to surrender and submit doubtful notes to banks and what the banks have to do thereafter.

One of the key topics discussed was the exchanging of mutilated or damaged notes due to deterioration. People with damaged banknotes can have their mutilated money changed for new ones if the item passes three criteria – the note must at least have 60 per cent of its original size, a signature is visible, and the security thread is still intact.

“Pwede po nating ipapalit ang mga nasira or partially damaged or partially burned nap era kapag yung tatlong requirements ay nameet. Dapat at least 60 per cent ng orihinal na size ng pera ay natira, meron pa ang security thread, at makikita pa kahit isa sa mga pirma,” said Madriaga of the BSP.

Meantime, BMI President Wangdali thanked the BSP for considering the rural bank as its partner, becoming as the first Currency Exchange Center in Apayao, recalling how the branch started in 2018 and how progress and development grew with the bank.

“We thank the BSP for the trust and for choosing Bangko Montanosa. Indeed, many good things can change if we have better banking and financial services. Noong nagsisimula pa lang kami dito walang mga kainan at kokonti ang establishments. Ngayon madami na. Bangko Montanosa is the first bank in Conner which provided financial services,” said Wangdali.

Area Director Marcos acknowledged the acceptance of the BMI, Conner Branch and hopes to have more partnerships with other branches of Bangko Montanosa.

“Ang target namin magkaroon ng presence ang BSP dito sa Apayao… sabi ko sa team naming punta tayo ng Apayao kasi di natin madalas mapuntahan. At ngayon with the launching of the Currency Exchange Center dito sa Bangko Montanosa sana mafeel ng mga taga Apayao ang presence naming. Ito po ang unang Currency Exchange center dito sa Apayao,” said Marcos. 

With the partnership, it is hoped that the people of Conner and nearby towns will use new notes and coins by withdrawing and changing unfit and mutilated notes and coins from circulation. Additionally, education on proper care of currency, promotion of financial literacy, circulation of idle coins, and positive behavioral change in the area shall be made.

Bangko Montanosa committed to work with the BSP to espouse the said changes for better economic stability and trade in Apayao.