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BSP to retailers, banks: 'Accept folded polymer banknotes'

BSP to retailers, banks: 'Accept folded polymer banknotes'

The Bangko Sentral ng Pilipinas (BSP) says folded paper and polymer banknotes can still be used. Retailers and banks should accept them for daily payments. Photo: BSP

The Bangko Sentral ng Pilipinas (BSP) informs the public that folded banknotes, made of paper or polymer, can still circulate and be accepted as payment. As a result, retailers and banks should accept them for everyday payments.

The BSP issued this advisory in response to concerns expressed on social media regarding the non-acceptance of folded 1000-Piso polymer banknotes by certain establishments.

Recently, the BSP issued guidelines for handling polymer banknotes properly. This includes storing banknotes in wallets where they fit properly (the standard bi-fold wallet meets this criterion), keeping them clean, and using them to pay for goods and services.

The BSP emphasizes that the preceding recommendations apply to paper and polymer banknotes. The handling guidelines were issued to educate the public on the correct way to handle polymer and paper banknotes to preserve their integrity and extend their lifespan.

If a person is uncertain about the value or legitimacy of a banknote, he or she is encouraged to seek assistance from any bank. The bank will then submit the banknote to the BSP for inspection. —iTacloban

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