Working Student Airs Dismay After Termites Devoured his Hard-Earned Savings
A working student lost his hard-earned savings after being devoured by termites inside his makeshift coin bank made of cardboard.
Randy, a working student, was devastated when he discovered that his hard-earned money had been devoured by termites. Randy, a promising Information Technology student, had amassed a considerable amount of money, initially amounting to around P20,000.
The student entrusted his savings to a cardboard coin bank encased in plastic wrap. However, more than half of his savings, approximately P14,000 were consumed by the insects, leaving him with only P6,000.
Randy’s financial situation became worse by the upsetting discovery made by his friend. Randy now faces the huge challenge of affording his tuition expenses for the upcoming academic term, due to his approaching graduation.
The Bangko Sentral ng Pilipinas (BSP) has established a set of guidelines for the replacement of damaged currency, as outlined in Circular No. 829 Series of 2014. These guidelines stipulate that in order for a damaged currency to be exchanged.
- Dapat ay may natira pang 60% sa laki o size ng pera
- Kailangang may natira alinmang bahagi ng pirma ng BSP governor o ng pangulo ng Pilipinas
- Dapat nakikita pa ang security thread sa nasirang pera, maliban na lang kung nawala o nasira ang security thread sa sunog, kemikal, pagkakabasa, anay, daga o katulad na peste
In another story, a loving kuya saves cash for sibling’s birthday “pambili ng cake mo, nagipon si kuya”
Randy’s situation shows the need to follow the BSP’s advice to deposit savings in regulated financial institutions such as banks, e-money issuers, microfinance institutions, and cooperatives.
In contrast to storing funds unprotected at home, these formal financial routes are subject to regulatory control, offering a higher level of security and safety for consumers’ hard-earned money.
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