A netizen recently took to social media, and complained that that one of the SM malls refused to accept the new P1,000 polymer banknote because it was folded. The original post has since been deleted, but not before it caused a major uproar online.
SM has released a statement regarding the incident, saying the new bank notes are accepted in all their retail stores. They also said that only those mutilated — stapled and ripped caused by the removal of staple wire — will be deemed unfit and not accepted, and cautions the public against misleading social media posts.
BSP also released a statement of its own, stating the folded bank notes, whether paper or polymer, can still be circulated and accepted for payment and as such, should be accepted by retailers and banks for day-to-day payment transactions.
The incident has since caused a lot of confusion. So in this article, we’ll list down the do’s and don’ts of handling the new banknote.
Do’s and Don’ts: Paper and polymer banknotes
In April 2022, the Bangko Sentral ng Pilipinas (BSP) rolled out a new P1,000 polymer banknote and circulated of ten million pieces. The polymer material was chosen because it is durable, cost-effective, hygienic, difficult to counterfeit, and sustainable.
Polymer banknotes may be tough, but these banknotes also need to be valued and handled with care.Bangko Sentral ng Pilipinas
Here’s a list of do’s and don’ts on how to properly handle the new polymer banknote. This also applies to paper ones as well.
- Keep it flat inside wallets where they fit properly. If it does become crumpled or creased, BSP advises flattening it with your hands (or better, in between books).
- Keep the banknotes clean. Soiled or dirty banknotes can be wiped with a damp cloth. You can also use alcohol-based sanitizers, and then pat them dry with a towel.
- Use as payment for goods and services. BSP advises not to hoard the banknotes.
- Don’t deface, write on, or mark polymer banknotes.
- Don’t excessively fold, crease, or crumple polymer banknotes that could leave permanent fold marks.
- Don’t tear, cut, or poke holes in polymer banknotes.
- Don’t staple or use rubber bands to keep polymer banknotes together. Use paper bands instead.
- Don’t damage the clear windows, metallic features, and other security features of polymer banknotes.
- Don’t iron polymer banknotes.
- Don’t expose polymer banknotes to very high temperatures or place them near an open flame.
- Don’t expose polymer banknotes to strong or corrosive chemicals, such as muriatic acid or bleach.
Also Read: Why financial literacy matters in achieving your goals
If you have any issues regarding the banknote (whether or not you have doubts about its authenticity or if it’s damaged), BSP advises you to go to any bank for assistance. The bank will then refer the banknote to the BSP for further examination to determine if it still has value.
Image Credit: BSP