BSP: Accept folded Polymer Banknotes


The Bangko Sentral ng Pilipinas (BSP) reiterated to the public that folded (but not excessively folded) banknotes whether polymer or paper are acceptable and can be used for day-to-day payment transactions.

The BSP issued the advisory on Monday to address concerns raised on social media regarding non-acceptance by some establishments of folded P1,000 polymer bill.

“As such, retailers and banks should accept them for day-to-day payment transactions,” BSP said.

The BSP encouraged individuals to ask assistance from any bank if in doubt on the value and/or authenticity of a banknote.

In a latest guideline issued as of June 23, BSP list three do’s under the proper handling of polymer banknotes: keep them flat, keep them clean, and use them as payment for goods and services.

The BSP warned the public to avoid the following actions to polymer bills:

·        Deface, write on, or mark them

·        Tear, cut, or poke holes in them

·        Staple them or use rubber bands to keep them together

·        Damage the clear windows, metallic features, and other security features of the bills

·        Excessively folding, creasing, or crumpling the banknotes. These could leave permanent fold marks

“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,” BSP added.

Under Presidential Decree (PD) 247, any willful defacement, mutilation, tearing, burning, or destruction of all currency notes and coins it has issued is unlawful. (PIA)