BSP: “Folded banknotes, whether paper or polymer, can still be circulated and accepted for payment.”
BSP — The Bangko Sentral ng Pilipinas has released a statement over the unaccepted folded 1000-Piso polymer banknote issue.
To recall, a netizen expressed her disappointment after her folded polymer banknote wasn’t accepted at an establishment.
At that time, she claimed that she was supposed to use the polymer 1000-Piso bill as payment at a well-known establishment but the management of the said establishment didn’t accept the banknote because of its condition.
READ ALSO: Folded New P1000 Bill Not Accepted at an Establishment; Owner Expresses Disappointment
The netizen’s social media post went viral online and the management of the said establishment earned a backlash. With this, the establishment released a statement to refute the netizen’s claim.
“Only those that are mutilated – stapled and ripped caused by removal of staple wire – will be deemed unfit and not accepted,” a statement from SM Supermalls reads.
Recently, the central bank issued an advisory informing the public that folded paper or polymer banknotes can still be circulated and accepted for payment.
The Bangko Sentral ng Pilipinas also said that an individual is encouraged to go to any bank for assistance if he or she is doubtful about the value and/or authenticity of a banknote and the bank will then refer the banknote to the central bank for examination.
“The Bangko Sentral ng Pilipinas (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,” a statement from BSP reads.
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