Manila, Feb. 5 -- The Bangko Sentral ng Pilipinas (BSP) partnered with the Palawan Group of Companies (PGC) to bring the Piso Caravan to more Filipinos, making it easier to exchange mutilated or unfit banknotes and coins for fit currency.

PGC chairperson Bobby Castro, president and chief executive officer Karlo Eugene Josef Castro, and chief finance officer Lilian Concepcion Selda, signed a pledge of commitment at the BSP headquarters in Manila on Tuesday.

In a statement Wednesday, the BSP said the Piso Caravan is part of the central bank's coin recirculation program, which aims to improve coin circulation, promote financial literacy and encourage digital transactions.

"With over 7,960 locations nationwide, Palawan Group has built the ...