Not Foldable? Netizens, Lawmaker Seek Clear Policy On New P1,000 Polymer Bills

UPDATED: Forty-one-year-old Reylen Lopez was supposed to cash in to a money app at a mall in San Mateo, Rizal on Friday, July 8, but the customer service personnel said her P1,000 polymer bill could not be accepted because it was folded.

According to Lopez, the incident was frustrating because she found the new banknote’s design really good and as a jockey club teller, she wondered why she never knew about the policy on the new bill despite her trainings.

 “Gandang-ganda ako sa kanya (I really found it nice),” Lopez told The Philippine STAR / OneNews.PH on Monday, July 11, referring to the new banknote, which is made of polymer as released by the Bangko Sentral ng Pilipinas (BSP).

“Kaya ganun na lang ‘yung frustration ko kasi ang sabi ko ako lang ba hindi nakakaalam kasi since teller ako, bakit hindi ko alam? Halos araw-araw akong may hawak na pera, at saka may training din naman kami sa pera,”she added.

Lopez said the sales person cited mall policy that folded P1,000 polymer bills are not good for use anymore. As she wanted to seek clarification on the matter, she attempted to go to a bank but did not make it was already closed.

Lopez thought it would be best to share her experience on social media that day for everybody’s awareness. Her Facebook post has been set to private after it went viral – shared 7,800 times as of writing and has earned 883 reactions.

‘Get a longer wallet’

Lopez said the BSP should have announced the policy on the new P1,000 bill.

“Kulang sila sa [pagkalat] ng information (They lack in information dissemination),” Lopez noted.

Before Lopez’s predicament arose, BSP governor Felipe Medalla told “Sa Totoo Lang” on One PH that the public would have to adjust, advising them to use wallets that would prevent the bills from being folded.

“One thing to adjust is to have wallets or purses that prevent it from being totally folded. Dapat ang wallet singhaba ng pera para hindi i-fold, mas madali ‘yan sa babae kasi may handbag kayo (The wallet should have the same length as the money so it wouldn’t be folded, that’s easier for women because you use handbags),” he said last June 24.

However, netizens did not take the BSP governor’s world lightly. “(Ipa-frame) na lang namin. Parang ayaw niyo din ipagamit eh (We'll just frame it. It seems you don’t want us to use it,” a Twitter user posted.

Another one said it would be impractical to spend money to buy longer wallets at this time when prices of commodities are high.

“Taas na nga ng mga bilihin, gagastos pa sa pagbili ng longer wallets,” the netizen tweeted.

Guidelines

In a statement on Monday, SM Supermalls assured the public that folded P1,000 polymer bills are accepted in their stores.

“Only those that are mutilated - stapled and ripped caused by removal of staple wire - will be deemed unfit and not accepted. Our policy has considered the guidelines set by the Bangko Sentral ng Pilipinas,” it added.

Meanwhile, Albay 2nd District Rep. Joey Salceda urged the BSP to issue guidelines on accepting P1,000 bills.

“One of the primary motivations for shifting to the polymer-based bill was that it is more durable than the paper bills. However, the lack of guidelines on what constitutes still-valid legal tender and which bills are damaged beyond being acceptable by business establishments has led to confusion in ordinary cash transactions,” Salceda wrote in a letter to the BSP. 

“To resolve these concerns, may I request that the BSP issue guidelines on accepting polymer P1,000 bills, and what remedial resources cash holders can resort to, should their polymer bills no longer be acceptable to establishments. I understand that, with the paper bills at least, damaged bills could still be exchanged with banks and the BSP,” he said.

BSP advisory

In an advisory on Tuesday, July 12, 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 issued this advisory to address social media concerns about the non-acceptance of folded P1,000 polymer banknotes by some establishments.