The Bangko Sentral ng Pilipinas (BSP), along with the Department of Trade and Industry (DTI), the Department of the Interior and Local Government (DILG), and the Land Transportation Franchising and Regulatory Board (LTFRB), issued separate advisories to the public that the ₱1,000 polymer banknote with folds retains its value and can be used for payments.
The advisories came after some reports of merchants and transport operators refusing to accept the folded polymer banknotes. The BSP clarified that the polymer banknotes are durable and secure and that folding them does not affect their features or functionality.
The BSP also urged the public to report any incidents of non-acceptance of the folded polymer banknotes through the following channels:
- BSP e-mail: bspmail@bsp.gov.ph
- LTFRB Hotline: 1342
Landline: 8529-7111
E-mail: ochm@ltfrb.gov.ph - DTI Hotline: 1-384
E-mail: ConsumerCare@dti.gov.ph
The BSP started circulating ₱1,000 polymer banknotes in April 2022 as part of its efforts to enhance the security and durability of the Philippine currency. According to the Central Bank, polymer banknotes are more secure and sustainable, more hygienic and sanitary, and more durable and cost-effective than paper banknotes.
The ₱1,000 polymer banknote won the International Banknote Society’s (IBNS) “Banknote of the Year Award” for 2022. It is the first Philippine banknote to win the award, taking the top spot over other finalists from Algeria, Barbados, Egypt, Northern Ireland, and Scotland.
