Folded banknotes should be circulated and accepted — BSP

The Bangko Sentral ng Pilipinas (BSP) ordered retailers and banks to accept folded banknotes after they received concerns circulating online.

The Bangko Sentral ng Pilipinas (BSP) released an advisory saying folded paper or polymer banknotes should be circulated and accepted by retailers and banks for payment.

Photo courtesy of Bangko Sentral ng Pilipinas

“The BSP issues this advisory to address social media concerns about the non-acceptance of some establishments of folded 1000-Piso polymer banknotes,” according to BSP.

Earlier, the SM Supermalls clarified that their retail stores are still accepting folded P1,000 polymer banknotes in response to the information circulating online about the non-acceptance of the said bill of one of their stores.

Photo courtesy of SM Supermalls

“Only those that are mutilated – stapled and ripped caused by removal of staple wire – will be deemed unfit and not accepted. Our policy has considered the guidelines set by the Bangko Sentral ng Pilipinas. We encourage the public not to engage with the misleading social media posts,” SM Supermalls said in their official statement.

In connection with this, the BSP recently set guidelines about the proper handling of new polymer banknotes such as “storing banknotes in wallets, keeping them clean, and using them as payment for goods and services.”

Proper handling of polymer banknotes issued by the Bangko Sentral ng Pilipinas. Photo courtesy of BSP.

“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 said.

“If an individual is doubtful on the value and/or authenticity of a banknote, he or she is encouraged to go to any bank for assistance. The bank will then refer the banknote to the BSP for examination,” BSP added.

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