June 24, 2024

Holders of the new P1,000 polymer banknote need not worry about not being able to use their money and getting penalized when the bill gets crumpled or folded.

The Bangko Sentral ng Pilipinas in an advisory on July 5 said creased banknotes, including the much-hyped P1,000 polymer bill, can still be accepted as payments.

“The BSP informs the public that folded banknotes, whether paper or polymer can still be circulated and accepted as payment. As such, retailers and bank should accept them for day-to-day payment transactions,” the advisory read.

The BSP issued the advisory following a social media post about the supposed refusal of a mall chain to accept a customer’s P1,000 polymer bill as payment because it was folded.

SM Malls, which was dragged in the Facebook post, also issued a statement saying its malls are accepting folded or creased P1,000 banknote.

“In response to the information circulating on social media regarding the new P1,000 bill, we would like to assure the public that folded bank notes are still accepted in our SM Retail Stores,” said in the statement.

At the SM Baguio, Public Relations Officer Jill Gallardo said they have not received complaints of tenants refusing to accept folded or creased banknote.

She said like in other establishments, creased banknotes are accepted as payments as long as these are not mutilated.

Netizens also created a buzz last week over a social media post by the Philippine National Police enumerating what should not be done with the P1,000 polymer bill, including the penalty of a jail term for those who folded or crumple the bill.

To prevent confusion, the BSP issued guidelines on handling the polymer and paper banknotes.

Among the do’s enumerated by the BSP is to keep the banknotes in long or bi-fold wallets where they could fit to minimize folding, avoid using rubber band and stapling the money, avoid tearing or poking, and avoid ironing the bills.

The P1,000 polymer banknote, featuring the head of the Philippine Eagle, was issued in April. – Jane B. Cadalig