TERMITES feasted on its savings.
Adonis Buemia, 70, has been supplying ice cream for a living for 30 years. Despite being a single parent and caring for a special child, his hard work paid off: he was able to buy a house and a brand new tricycle.
Buemia also made sure that he had savings. From his daily income of 300 pesos, Buemia P100, or a third of his daily income, saved for savings; put the money in a closet in his house.
However, his savings almost crumbled in the closet after termites devoured the wooden closet and eventually the cash it contained. Desperate to save his hard-earned money, Buemia commented on a local television broadcast on Facebook for help.
In return, the program referred his case to Bangko Sentral ng Pilipinas (BSP).
The BSP confirmed Wednesday that it has recently facilitated the replacement of hard-earned but termite-mangled savings from Buemia worth nearly P50,000.
The BSP Currency Policy and Integrity Department (CPID) immediately pre-assessed the remains of the termite-infested bills. The deputy director of BSP, Nenette E. Malabrigo, contacted the bank near Buemia’s residence and confirmed the mutilated cash as replacement. The BSP reported that Buemia received replacement of his savings on August 11th.
“I’m really happy and I’ve been replaced and my savings have been refunded in full. Many thanks to the bank for accepting the money. And thank you very much to the central bank for all of the help in changing my money, ”said Buemia. [I was really happy and I was able to recover and get my savings back in full. Many thanks to the bank that accepted the money and to the Central Bank for all the help to change my money.]
The BSP said Buemia’s story should encourage people to open their own bank accounts, though they will replace expired bills when valued.
“To prevent damage from termites, water and other elements, the BSP encourages the public to keep their savings in BSP-monitored financial institutions where they are safe and secure,” the BSP said in a statement.
The BSP previously issued a circular that should enable Filipinos to make payments easy, accessible and convenient via the Basic Deposit Account (BDA) and to save money.
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.
The following BSP regulations apply to the replacement of expired banknotes: The size of the remaining banknotes should be 60 percent or 3/5 of the original size of the banknote; part of one of the two facsimile signatures has yet to be seen or observed; and the window security thread must remain intact unless otherwise caused by fire, insects, and any form of inadvertent maim.
