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| The Bangko Sentral ng Pilipinas announces that 92% of ATMs across the country are ready to dispense the 1000-Piso polymer banknotes. Photo: BSP |
The Bangko Sentral ng Pilipinas (BSP) has recently reported that a large portion of the Automated Teller Machines (ATMs) across the country are now equipped to dispense the new 1000-Piso polymer banknotes. As of November 2022, 17,304 ATMs, or 92% of the total number of ATMs in the Philippines, are polymer-ready. This includes 7,274 ATMs in Metro Manila.
The BSP is gradually releasing the new polymer banknotes and has advised the public, as well as retailers and banks, to accept folded banknotes of any material - whether paper or polymer - as a valid currency for daily transactions.
In case of doubt regarding the authenticity or value of a banknote, the central bank encourages individuals to approach a bank for assistance. The bank will then forward the banknote to the BSP for examination.
So far, 39 million pieces of the 1000-Piso polymer banknotes have been put into circulation, accounting for 7.8% of the total number of polymer banknotes to be distributed by the BSP. The central bank has highlighted the improved durability and enhanced security features of polymer banknotes compared to traditional paper banknotes.
The BSP has been working towards the transition to polymer banknotes for several years now and is pleased to see a positive response from the public and banking institutions. The central bank is confident that the wider use of polymer banknotes will contribute to a more secure and efficient payment system in the country.
For further information regarding the 1000-Piso polymer banknotes, the BSP invites the public to visit bit.ly/PolymerPH. —iTacloban (Source: BSP)