BSP tells stores: Accept folded P1K polymer bills
THE Bangko Sentral ng Pilipinas (BSP) North Luzon Regional Office has clarified that P1,000 polymer banknotes are accepted as legal tender, and that stores and other business establishments are still required to accept it despite being folded or creased.
This, after an incident where an establishment did not accept a folded polymer bank note paid by a netizen went viral over social media, causing widespread panic and disinformation.
The issue was clarified and emphasized by BSP Regional Manager Noel Malimban in an interview on Tuesday, July 12.
Malimban said the BSP did not issue any statement noting that any folded polymer banknote would lose its value.
It seems that a misunderstanding brewed, as the guidelines on proper handling of the PHP 1000 polymer banknote released by the BSP on June 10, 2022 said that excessive creasing or folding is not allowed, as this could leave permanent fold marks.
Put under context of Presidential Decree No. 247, Malimban said willful and deliberate damage of the money is illegal, and is punishable by law.
“Pero kung natutupi naman siya dahil nasa bulsa o nasa wallet o any other means, okay lang iyon”, said Malimban.
Prohibited are: excessive creasing, folding, and crumpling, burning, defacing, writing or marking, tearing, cutting, poking holes, stapling, or using rubber bands, ironing, and exposing them to corrosive chemicals.
Individuals may keep their polymer banknotes clean by applying alcohol or hand sanitizer and wiping it off.
Malimban said establishments rejecting to accept the bill may face sanctions.
Meanwhile, the PHP1,000 polymer banknote is still under circulation test. The results of the circulation test would dictate on whether or not the BSP would release polymer versions of other denominations of the Philippine currency.
First phase began last April 2022, where 10 million pieces have been put on circulation.
Malimban said the circulation will continue until five hundred million pieces of the P 1,000 polymer banknote have been released by June 2023. (Ahikam Pasion)
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