MANILA - The Bangko Sentral ng Pilipinas said Tuesday it conducted its first BSP Piso Caravan which aims to drive the use of digital cash

The BSP Piso Caravan is a currency exchange program that replaces unfit money by depositing the equivalent amount to clients' e-wallets, the central bank said in a statement.

"The BSP Piso Caravan is in line with the central bank’s commitment to preserve the integrity of Philippine currency and promote digital payments to bolster financial inclusion," it said.

Clients without e-wallets were assisted by central bank staff to create accounts, it said.

Unfit banknotes are those that are soiled, limp, stained, faded, and with obvious marks and writings, the BSP said. Unfit coins, meanwhile, are those with corrosion or markings, it added.

The first caravan was held in Tagbilaran City.

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