Bangko Sentral Breaks Silence on “Folded Banknotes” Issue
Bangko Sentral ng Pilipinas spoke on the usability of folded banknotes amid the issues that accused SM of not accepting a folded P1000 bill.
A lot of people were undeniably excited when the Central Bank confirmed the release of new P1000 banknotes that come with a different print compared to the one that is in active circulation now. Many Filipinos are also excited as the new banknotes are made of a different material – polymer.
However, the excitement of a lot of people was mixed with doubts when guidelines on the handling of the banknotes circulated on social media. To prolong the lifespan of the banknotes, cutting the bills, using a staple wire on it, or any way that may tear it is prohibited. There is a corresponding penalty for violating the rules set by the Central Bank.
Recently, on social media, a claim of a netizen that her folded P1000 banknote was not accepted by a mall caught the attention of the members of the online community. Bangko Sentral reacted to the matter.
Based on a report of ABS-CBN News, Bangko Sentral clarified that folded banknotes whether it is made of paper or polymer are valid and usable for day-to-day payment transactions. The Central Bank clarified that the guidelines in the proper handling of banknotes include its storing on wallets where they fit properly like the typical bi-fold wallet.
BSP also made it part of the guidelines that banknotes should be kept clean. According to the bank, the guidelines are meant to raise public awareness on the proper usage of paper bills to lengthen their lifespan and “safeguard their integrity”.
Based on the report, SM Supermalls assured that they accept folded banknotes and only those mutilated like stapled or ripped may be considered unfit for payment transactions.
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