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May 30, 2024

BSP tells banks, retailers to accept folded polymer banknotes

The Bangko Sentral ng Pilipinas (BSP) informs the public that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment.

“As such, retailers and banks should accept them for day-to-day payment transactions,” the BSP said in a statement.

The BSP issues this advisory to address concerns raised on social media regarding non-acceptance by some establishments of folded 1000-Piso polymer banknotes.

Recently, the BSP issued guidelines on the proper handling of polymer banknotes.

This includes storing banknotes in wallets where they fit properly (the typical bi fold wallet fits this criteria), keeping them clean, and using them as payment for goods and services.

The BSP stressed that the guidelines apply to both paper and polymer banknote. 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.

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.