BSP Guidelines on Banknotes Handling
BSP – Bangko Sentral ng Pilipinas issued guidelines on the proper handling of paper and polymer banknotes.
Every once in a while, Bangko Sentral ng Pilipinas leads the printing of banknotes in the country to make sure that there is enough for circulation. There are instances wherein printing of existing banknotes take place while there are also times when new banknotes were approved to replace the existing ones.
Meanwhile, recently, new banknotes were approved for printing but not for the purpose of replacing the existing ones. According to BSP, the existing P1000 banknotes will still be used and will continue to have its value despite of the printing of new P1000 banknotes.
Instead of having the faces of the three (3) World War II heroes on the paper bills, the faces of General Vicente Lim, Josefa Llanes-Escoda, and Jose Abad Santos, the new P1000 banknotes bear the image of the Philippine Eagle.
However, recently, there was confusion on the acceptability of the folded P1000 banknotes amid the guidelines set by BSP on the proper handling of both paper and polymer bills circulating on social media.
Amid the people’s confusion, BSP clarified that folded banknotes are acceptable. It stressed that the guidelines were meant to prolong the lifespan of the paper bills and preserve their integrity. Amid the flak on the guidelines set, there are also individuals who recognize the value of handling the banknotes properly so the state can save money from the printing.
Based on the guidelines set by BSP for the proper handling of paper and polymer banknotes, they must be kept clean and should not be sold at higher values. Based on a report on ABS-CBN News, the following are also not allowed:
- writing on the banknotes
- crumpling it leading to permanent marks
- cutting the banknotes
- making holes in the banknotes
- using staple wire or rubber band on the banknotes
- putting it on fire
- ironing the banknotes
- placing chemicals on the banknotes
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