Official statement of SM Supermalls over unaccepted folded P1000 bill issue
SM SUPERMALLS – The management of the country’s largest shopping mall has released an official statement over the unaccepted folded P1000 bill issue.
This, after a netizen, claimed in a social media post that the said mall did not accept the folded P1000 she used as payment.
The post went viral and the management of SM Supermalls earned a backlash.
Eventually, the country’s largest shopping mall released a statement to refute the claims of the netizen saying that “folded bank notes are still accepted” in their retail store.
“Only those that are mutilated – stapled and ripped caused by removal of staple wire – will be deemed unfit and not accepted,” the management of SM Supermalls added.
Here’s the official statement of SM Supermalls:
It can be recalled that was in April this year when the 1000-Piso polymer banknotes have been introduced.
Reportedly, the central bank will circulate an initial 10 million polymer banknotes in 1000-Piso denomination this quarter in order to test the market’s acceptance of polymer-based money.
According to the Bangko Sentral ng Pilipinas (BSP), the banknotes are strong and should last 2 to 5 times longer than paper banknotes.
The quality of the polymer banknotes can be preserved through proper handling and by strictly avoiding the following:
- Excessively folding or crumpling the banknote
- Ironing polymer banknotes
- Exposing the polymer banknotes to high temperatures or placing them near an open flame
- Stapling the polymer banknotes or using rubber bands to keep them together
Meanwhile, the Bangko Sentral ng Pilipinas (BSP) clarified in a statement that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment.
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