BSP to retailers: Accept folded polymer banknotes

RETAILERS and banks have been advised by the Bangko Sentral ng Pilipinas (BSP) to accept polymer banknotes for day-to-day payment transactions, even if they are folded.

The central bank reminded the public in a statement on Monday night that folded banknotes, whether made of paper or polymer, can still be used to make purchases.

“The BSP issues this advisory to address concerns raised on social media regarding non-acceptance by some establishments of folded 1,000-Piso polymer banknotes,” it added.

The Bangko Sentral was referring to the Facebook post of Reylen Lopez, who vented his annoyance over the fact that his folded polymer note was rejected as payment in a well-known mall just because it was folded.

SM Supermalls refuted the charge and reassured the public that folded currency is accepted in its retail establishments.

The central bank has released rules for handling polymer banknotes properly. This involves keeping banknotes clean, keeping them in wallets that fit them properly, and utilizing them to pay for products and services.

It emphasizes that both paper and polymer banknotes must adhere to the said rules. The handling guidelines were released to educate the public on how to handle paper and polymer banknotes in a way that preserves their integrity and lengthens their lifespan.

The BSP said any bank should be consulted for authenticity if a person has questions about the worth or legitimacy of a banknote. After that, the bank would send the note to the Bangko Sentral for inspection.