Metro Manila (CNN Philippines, July 11) — The Bangko Sentral ng Pilipinas has reminded retailers and banks to accept folded polymer banknotes for transactions.
READ: Do’s and don’ts on handling ₱1000 polymer bills
“BSP informs the public that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment,” it said.
“As such, retailers and banks should accept them for day-to-day payment transactions,” it also said.
The reminder from BSP came after SM Supermalls denied claims circulating online that folded ₱1,000 polymer bills were refused as payment in its stores.
Responding to a viral post, the company assured the public that folded banknotes are still accepted in all retail stores in its shopping malls, except those that are mutilated, stapled, and ripped caused by the removal of staple wire.
“Our policy has considered the guidelines set by the Bangko Sentral ng Pilipinas,” SM Supermalls said. “We encourage the public not to engage with the misleading social media posts.”
The BSP also clarified that the ₱1,000 polymer bills can be stored in bifold wallets.
The BSP initially launched 10 million pieces of the P1,000 bills made of the stronger material in April.
Former Governor Benjamin Diokno said the new banknotes are more durable, cost-effective, hygienic, difficult to counterfeit, and sustainable.
