BSP to retailers and banks: Accept folded polymer banknotes

Following the news stating that PHP 1,000 polymer bills are not being accepted by some retailers, Bangko Sentral ng Pilipinas (BSP) today confirmed that even if folded, polymer banknotes should still be accepted for payment.

File photo: The new PHP 1K bill

In particular, folded banknotes, whether paper or polymer can still be circulated and accepted for payment. Retailers and banks should accept them for day-to-day payment transactions.

Read the full statement of BSP below:

Statement of BSP

The Bangko Sentral ng Pilipinas (BSP) informs the public that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment. As such, retailers and banks should accept them for day-to-day payment transactions.

The BSP issues this advisory to address concerns raised on social media regarding non-acceptance by some establishments of folded 1000-Piso polymer banknotes.

Recently, the BSP issued guidelines on the proper handling of polymer banknotes. This includes storing banknotes in wallets where they fit properly (the typical bi fold wallet fits this criteria), keeping them clean, and using them as payment for goods and services.

The BSP stresses that the above guidelines apply to both paper and polymer banknote. The handling guidelines were issued to raise public awareness on the proper use of polymer and paper banknotes to safeguard their integrity and prolong their lifespan.

If an individual is doubtful on the value and/or authenticity of a banknote, he or she is encouraged to go to any bank for assistance. The bank will then refer the banknote to the BSP for examination.

The SM group recently said that folded banknotes, including the new Ps1000 bill, are still being accepted in SM Retail Stores and only those that are mutilated, stapled, and ripped caused by the removal of staple wire will not be accepted.

What do you guys think?

Source: BSP