Bangko Sentral ng Pilipinas (BSP) said Wednesday it had recently facilitated the replacement of the hard-earned but termite-mangled savings of a 70-year-old ice cream supplier valued at nearly 50,000 pesos.
In a statement, the BSP recalled how Adonis Buemia, who has been making a living on ice cream for 30 years, was able to buy a house, a brand new tricycle and even save almost 50,000 pesos on his daily income of 300 pounds.
LOOK: Bangko Sentral ng Pilipinas is helping the 70-year-old ice cream supplier to get back the termite-mutilated savings worth almost 50,000 pes.
Photo courtesy of Kapuso Mo, Jessica Soho pic.twitter.com/p44WxT2o1z
– Ted Cordero (@Ted_Cordero) August 25, 2021
Although Buemia is the single parent and primary carer of a special child, the central bank has managed to save 100 P100, or a third of his daily income, that he hid in a closet in his house.
However, his savings almost crumbled in the cabinet after termites feasted on it.
Desperate to save his hard-earned cash, Buemia commented on Kapuso Mo’s Facebook account, Jessica Soho, for help.
In return, the program referred Buemia’s case to the BSP.
According to the BSP, the BSP Currency Policy and Integrity Department (CPID) immediately assessed what was left of the termite-infested banknotes.
The central bank said BSP deputy director Nenette Malabrigo contacted the bank closest to Buemia’s place of residence and advocated the mangled cash as a replacement.
On August 11, 2021, Buemia finally received the redemption of its savings, it said.
“I am really glad that my savings have been replaced and returned in full. Thank you to the bank for accepting your money. And thank you to the central bank for all of the help in changing my money,” said Buemia.
(I am very happy that my money has been replaced and returned in full to me. Thank you very much [the bank] for accepting my money and working with BSP. Thank you BSP for your help in replacing my money.)
To qualify for the replacement of expired banknotes, the following BSP regulations apply:
- the size of the remaining bill should be 60% or 3/5 of the original size of the bill
- part of one of the two facsimile signatures has yet to be seen or observed
- the window security thread must remain intact unless otherwise caused by fire, insects, or any form of inadvertent mutilation.
To prevent damage from termites, water, and other elements, the BSP encouraged the public to keep their savings in BSP-monitored financial institutions where they are safe and secure.
The BSP previously issued a circular designed to enable Filipinos to facilitate payments and save money with ease, accessibility and convenience through the Basic Deposit Account (BDA).
BDAs are inexpensive, straightforward and easy to open and can be requested without a valid ID with alternative documents or via the apps of selected banks.
These deposit accounts only require an opening deposit amount of P100 or less and have no maintenance or dormant fees, but can earn interest for depositors.—AOL, GMA News
