BSP backtracks, says new PHP1000 polymer bills can be folded
By Nidz Godino
"BSP informs 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," Bangko Sentral ng Pilipinas (BSP) wrote after initially advising public not to fold the new PHP1000 polymer banknote and invest in longer wallets to store them instead, BSP has backtracked and said folded bills will still be accepted for payment.
The clarification comes after a social media post alleged that polymer bill was not accepted as payment at a mall because it was folded in half, further stoking the flames of social media backlash caused by BSP's initial announcement of guidelines on how to handle the new banknotes in June.
"The BSP issues this advisory to address concerns raised on social media regarding non-acceptance by some establishments of the folded 1000-Piso polymer banknotes," it added.
Mall chain SM Supermalls also released statement assuring public that they could pay with folded bills in their establishments but stressed mutilated banknotes, such as those that had been stapled and ripped from removal of staple wire, would not be accepted.
SM has since said that it would accept folded polymer bills as long as they had not been mutilated such as when it is ripped because a staple wire had been removed.
"As such, retailers and banks should accept them for day-to-day payment transactions, BSP issues this advisory to address concerns raised on social media regarding non-acceptance by some establishments of folded 1000-Piso polymer banknotes, " it stressed.
The BSP had released guidelines on proper handling of polymer banknotes.
This includes storing banknotes in wallets where they fit properly, keeping them clean, and using them as payment for goods and services.
The BSP said guidelines applied to both paper and polymer banknotes.
"The handling guidelines were issued to raise public awareness on proper use of polymer and paper banknotes to safeguard their integrity and prolong their lifespan," the BSP said.
"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," it added.
SM Supermalls said folded P1,000 bills will be accepted as payment in its stores in response to social media post claiming otherwise that went viral.
Netizens were abuzz after a social media post claiming that folded P1,000 polymer banknote was not accepted as payment in an SM shopping mall.
"In response to the information circulating on social media regarding the new P,1000 bill, we would like to assure public that folded bank notes are still accepted in our SM Retail Stores," the country's largest mall operator said.
SM Supermalls clarified that only mutilated bills or those stapled and ripped caused by removal of staple wire would not be accepted.
"Only those that are mutilated stapled and ripped caused by removal of staple wire will be deemed unfit and not accepted…our policy has considered the guidelines set by Bangko Sentral ng Pilipinas," it added.
The Bangko Sentral ng Pilipinas has discouraged Filipinos from folding the new P1,000 polymer bill since this could result in permanent fold marks or damage to banknote.
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