After initially advising the public to not fold the new PHP1000 polymer banknote and invest in longer wallets to store them instead, the Bangko Sentral ng Pilipinas (BSP; Central Bank of the Philippines) has backtracked and said folded bills will still be accepted for payment.
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.
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The clarification comes after a social media post alleged that the 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.
“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 bank wrote.
“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 a statement assuring the 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 the removal of staple wire, would not be accepted.