Headline
Folded banknotes can be accepted for payments: BSP
The BSP has issued guidelines on how to properly handle the polymer banknotes and these include putting them in a wallet that is long enough and where they can properly fit, keeping it clean by using a damp cloth to wipe soiled part, and using it for payments of goods and services instead of hoarding it, and selling or buying it at a higher price. (File Photo: Philippine News Agency/Facebook)
In a statement Monday night, the central bank said “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,” it said.
This, after a certain Reylen Lopez made a Facebook post over the weekend and claimed that her PHP1,000 polymer note was not accepted for payment in a branch of SM retail store because it was folded.
The BSP has issued guidelines on how to properly handle the polymer banknotes and these include putting them in a wallet that is long enough and where they can properly fit, keeping it clean by using a damp cloth to wipe soiled part, and using it for payments of goods and services instead of hoarding it, and selling or buying it at a higher price.
It said the same policies should be used in handling paper banknotes.
“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,” it added.
The BSP also encouraged people to go to banks to check the authenticity of their banknotes if they have doubts about it.
“The bank will then refer the banknote to the BSP for examination,” it said.
SM has issued a statement regarding the social media post on the 1,000 piso polymer note.
“We would like to assure the public that folded bank notes are still accepted in our SM Retail Stores. Only those that are mutilated –stapled and ripped caused by the removal of staple wire– will be deemed unfit and not accepted. Our policy has considered the guidelines set by the Bangko Sentral ng Pilipinas,” it said.
The BSP initially issued 10 million pieces of 1,000-piso polymer notes to banks last April and it targets to issue 500 million pieces in phases until June 2023.
Monetary authorities said banks in the National Capital Region (NCR) are required to have their automated teller machines (ATMs) fully capable to service polymer banknotes by end 2022 while those outside NCR by June 20 next year.
Vee Jay Lee
July 12, 2022 at 3:57 PM
On 8 Nov 2016, the administration of India announced that demonetisation of all 3500 and 31,000 banknotes of this Mahatma Gandhi program. It also announced that issuing of original +500 and
2,000 banknotes in commerce for those demonetised banknotes. Prime Minister Narendra Modi claimed that this act could restrict the shadow economy and reduce the use of illicit and fake currency to finance criminal action and terrorist. The same with the Philippines, different form of action but the same implementation, money is not easy to get we still and should care them. At least for now that folding peso money is now acceptable as should because our wallets are tend to be slimmer and lighter compared over the years. As long as we keep the guidelines and do the right thing, we should never scared of paying 20k pesos.
Dianne Slee
July 12, 2022 at 10:45 PM
Nung una na post nakakakaba talaga kasi mababasa mo dun sa guidelines nila ang 20k confinement which is sobrang hassle pa at masyadong strict pag dating sa ating perya. Nagaanan ako nang loob nung nilinaw nang BSP at nang mga stores na tatangapin nila ang mga pera na nafold which is normal naman talaga sa ating mga pinoy na finofold pero hindi sinisira ang pera. So far so good sa ginawa nang BSP pero sana sa susunod ilinaw nila nang mabuti para hindi nangangamba ang iba salamat and god bless.
Cecille Moreno
July 13, 2022 at 5:12 PM
Using this polymer banknotes is a good way of preventing fraud among the circulation of the Philippine peso.However,this “better,new,and more secured” design seems not to be user friendly because in a way not everybody is careful in handling money.Specially if someone is in a hurry or those who are not careful in nature.Good thing that the BSP pointed out that it is still accepted as long as it is not mutilated or ripped.
Nicole Angeles
July 13, 2022 at 11:20 AM
Maganda man sa paningin, may pangit din
Pero huwag nang magka gulo, pinapayagan na kahit bank note ay nabaluktot
Ito lang ang masasabi ko patungkol dito, natuwa ako sa ganda ng disensyo, subalit nalungkot din dahil sa taas ng inflation. Maganda man itong tingnan, taas ng bilihin hindi kayang ilihim. Mababang halaga ng ating pera, hindi kayang pagtakpan ng kaniyang kagandahan.
Jam Aguirre
July 13, 2022 at 11:52 PM
Gayunpaman, ang disenyo na ito ay tila hindi madaling gamitin dahil hindi lahat ay maingat sa paghawak ng pera Lalo na kung ang isang tao ay nagmamadali at hindi nagdadala nang malalaking bag o wallet. Maganda na nilinaw nang BSP ang kaisipang ito sapagkat nag kagulo ang lahat nang malaman na bawal i fold ang mga ito.
Vilma Si
July 14, 2022 at 10:00 AM
Taliwas sa mga reklamong hinain nang ating mga kababayan sa social media dahil sa kanilang mga nakatuping polymer banknotes na tinanggihan ng mga malls at iba pang venue. Ang bagong P1,000 bill ay legal pa rin na pera at dapat igalang kahit na ito ay nakatiklop ayon sa BSP at Dahil dito, ang mga bangko at iba pang kagaya nang mga nagnenegosyo, lalo na ang mga tindahan, ay dapat tumanggap ng mga natuping banknote para sa pagbabayad.
Christopher Burac
July 14, 2022 at 10:02 AM
I have also heard na nga rin of this incident where a costumer’s 1,000 peso polymer wasn’t accepted daw and it made me laugh especially that we are used into folding our banknotes as the value remains the same,folded or not. But what even made it more ridiculous is that you will be fined daw ₱20,000 if ifold mo itong 1,000 peso polymer mo because if that’s the case that’s too unfair lang especially na just like what I’ve said na we are used into folding our banknotes and how about those who don’t know about this new policy? Their ₱1,000 will not just disappear but they’ll have to pay pa 20x the amount of money they merely folded😅 Well I’m glad that this isn’t true,i mean paying 20,000 pesos once you fold your 1peso polymer
Sen Condolon Jr.
July 14, 2022 at 11:38 PM
Para po sa akin, hindi po maganda ang pagrelease ng BSP ng bagong banknote. Kasi papahirapan pa po ang tao na magpapalit sa mga mall, eh paano kung may emergency tapos ganyan hawak ng tao? Eh di papupuntahin pa sa mall para lang magpapalit at kung mahaba pa po pila, lilipat na naman sa iba?! It makes nonsense! Dapat hindi na po sila nagrerelease ng ganyan kung papahirapan pa po ang tao na hawakan ng hindi po natutupi! Ibalik po nila sa dati ang banknote para hindi po mahirapan ang tao na gumamit ng pera in the future. To be honest, ang hirap po mag-adjust. Promise!