DECEMBER 31, 2025 — Mutilated peso bills — whether burned, chewed by animals, or eaten by termites — can still be replaced under strict conditions set by the Bangko Sentral ng Pilipinas (BSP). The central bank emphasized that damaged notes remain valid if they meet three requirements: at least 60 percent of the bill must be intact, 65 percent of the BSP governor’s or the President’s signature must be visible, and the embedded security thread must still be present. 

These safeguards ensure authenticity and prevent counterfeit circulation.

Individuals holding mutilated bills may bring them to authorized banks, where they will be assessed and forwarded to the BSP for possible replacement. 

The process is designed to protect consumers from total financial loss while maintaining the integrity of the currency system.

Still stashing cash at home? It’s a disaster waiting to happen

The reminder comes after a golf course worker’s year-long savings were destroyed by termites. The incident drew widespread attention, with many Filipinos expressing sympathy and others warning against the risks of keeping cash hidden at home.

Financial experts note that while storing money outside banks may feel safer for some, it exposes savings to hazards such as fire, pests, or theft. The BSP’s advisory highlights the importance of not only knowing how to replace damaged bills but also exploring secure options for saving and growing money — whether through bank accounts, investments, or digital platforms.

Many Filipinos still rely on outdated practices like hiding cash in jars, drawers, or boxes — a habit that leaves their hard-earned money vulnerable. The recent termite incident, for instance, is more than misfortune but a stark reminder of the urgent need for stronger financial literacy, as millions remain unbanked or underbanked and unaware of safer options such as savings accounts, investments, or digital platforms that can protect and grow their earnings.

Protecting one’s savings is not just about preserving the physical bill — it is about ensuring that hard-earned money is safeguarded and put to work for the future.

(Image: Cirilio Bitang)