The Bangko Sentral ng Pilipinas (BSP) said Tuesday that consumers need not replace their bifold wallet as folded banknotes, including the new polymer 1,000-peso bill, are legal tender and should be accepted in local transactions nationwide.
The BSP also advised retailers and banks to fully accept folded polymer banknotes.
In a public advisory, the BSP said 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.
The statement was made after concerns were 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, keeping them clean, and using them as payment for goods and services,” the BSP said, adding that the typical bifold wallet fits this criteria.
“The BSP stresses that the above 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,” the BSP said in a statement.
“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,” the statement further read.
Earlier this month, the BSP announced that it has launched a webpage to increase public awareness of the new 1000-Piso polymer banknote.
The website showcases the polymer banknote’s design, benefits, and security features; guidelines on proper handling; and timeline of release of more notes into circulation.
It also contains images of the new polymer banknote from varying angles to provide the public an opportunity to explore its key features.