BSP declines, says new PHP1000 polymer bills can be folded after backlash on social media

After initially advising the public not to fold the new PHP1000 polymer banknotes and to invest in taller wallets to store them instead, Bangko Sentral ng Pilipinas (BSP; Central Bank of the Philippines) has retracted and said folded bills will still be accepted for payment.

The clarification comes after a social media post claimed that a polymer bill was not accepted as payment at a mall because it was folded in half, fanning the flames of backlash on social media due to the BSP’s initial announcement of guidelines on how to handle New banknotes. in June.

read: ‘Sexism’ and ‘unnecessary’: Netizens blast the new PHP1000 polymer banknote after being told it should not be folded in half

“Bill Settlement Payment (BSP) informs the public that folded banknotes, whether paper or polymeric, can still be circulated and accepted for payment. As such, retailers and banks must accept them for everyday payment transactions,” the bank wrote.

“BSP is issuing this advisory to address concerns raised on social media about some institutions not accepting the 1,000-pesos polymer banknote,” it added.

Mall chain SM Supermalls also issued a statement assuring the public that they can pay with folded bills at their establishments, but they confirmed that defaced banknotes, such as those stapled and torn from the removal of core wires, will not be accepted.

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