Guidelines on Replacement of Old CB Coins

All agent banks, including their branches and agencies, holding old CB coins as of January 2, 1998, must prepare a detailed inventory categorized by denomination.
The inventory must be submitted to the BSP-Cash Department by March 31, 1998, indicating the total amount both in words and figures.

Provincial branches of commercial and thrift banks must forward their individual inventory reports to their respective bank head offices.
Head offices consolidate these reports and submit the consolidated inventory to the BSP-Cash Department by March 31, 1998.
Rural banks and other banks with provincial head offices must submit consolidated inventory reports directly to the BSP-Cash Department by the same deadline.
Copies of submissions must also be furnished to the nearest BSP Regional Office/Cash Unit to ensure comprehensive reporting.

Inventory reports may be sent directly or through the following BSP offices:
- BSP Cash Department located at Mabini St., Malate, Manila, via fax (Nos. 521-22-10, 521-83-63).
- Various BSP Regional Offices and Cash Units across key cities in the Philippines, each identified with their fax numbers for convenience.

Banks and their provincial branches must send or ship the old CB coins listed in their submitted inventory to the BSP-Cash Department or nearest BSP Regional Office/Cash Unit.
A two-day prior notice is required before shipment.
The deadline for shipping the coins is June 30, 1998.
The exchange or replacement shall correspond strictly to the amount reported in the inventory, subject to verification by BSP personnel on a piece-by-piece basis.

Banks are reminded of their obligation under BSP Circular No. 81 to accept and exchange old CB coins up to the cut-off date of January 2, 1998.
Officers or employees of banks who refuse to accept these coins from the public before the deadline will face administrative sanctions pursuant to Section 37 of Republic Act No. 7653.
This enforces strict compliance and accountability in handling demonetized currency.

The guidelines were formally adopted by the Governor of the Bangko Sentral ng Pilipinas on October 20, 1997.
They provide the procedural and administrative structure for the transition period involving demonetized CB coins, ensuring orderly and timely replacement or exchange.