P34k worth of savings damaged after being stored in improvised piggy bank

A resident of Cavite was greatly dismayed after finding out that the P1000 bills she saved were damaged after keeping them inside an improvised piggy bank.

In Kuya Kim's report on "24 Oras," Thursday, Ma. Louiena Lopez said the bills looked like they had rust and mold.

She said she started saving money last year for her daughter's consultation.

"May sakit po kasi siya sa puso. Naoperahan na po 'yan, so ang gagawin na lang po namin, follow-up," she said.

The bills were stored inside a PVC pipe, which she stored inside a cabinet. 

"Nung unang tingin ko, sabi ko sa asawa ko, mas safe po ito kasi matibay 'yung pagkagawa, sarado," she said.

But when she saw the condition of the bills, she admitted, "Halos maiyak po kami. Una kong inisip, paano kung 'di 'to mapalitan. Sobrang panghihinayang po."

But good thing for Louiena, because her P1000 bills can still be replaced.

They are called mutilated banknotes, which are bills that are either accidentally burned, chewed by pets, or destroyed by termites.

However, there are three requirements or standards followed by the Bangko Sentral ng Pilipinas when it comes to replacing mutilated bank notes.

First, there should be at least a remaining 60% of the bill, and that the signature of the country's president or the BSP governor should still be visible.

Lastly, the security thread should still be visible on the damaged money.

If the mutilated banknotes pass the requirements, they must be taken to an authorized bank to have them assessed.

The BSP will then release the results and deposit the amount into the bank.

Meanwhile, P19,000 of Louiena's money has already been replaced as she awaits the rest of the results.

"If may means tayo to open a bank account, more than enough na 'yon para i-safekeep lang 'yung pera n'yo," financial advisor Reinalyn Lopez said.