May 30, 2024

Bicol Express News

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Folded money is still money, says Bicol solon on new polymer banknotes

Photo courtesy: Reylen Lopez

Folded money is still money, according to Albay Representative Joey Salceda (2nd District) as he asked Bangko Sentral ng Pilipinas (BSP) to issue clear guidelines over the use of the new P1000 polymer banknotes.

Meanwhile, BSP on Monday urged business establishments to accept the new P1000 polymer banknotes, despite being folded, over fears of widespread rejection after BSP had issued strict guidelines over the handling of the new banknotes now in circulation.

One BSP ruling says that the new banknotes must not be folded, always clean and with no unnecessary marks.

Such BSP ruling runs counter to money handling habits of people who fold their money over the absence of large wallets, improper handling of money in wet markets, transport sector, supermarkets and various wholesale and retail sectors.

Prior to this BSP announcement, Representative Salceda asked BSP to clarify the proper handling of the new polymer banknotes over reports in social media that such P1000 polymer banknotes might not be totally acceptable in business circles, taking into consideration the improper handling of paper bills which had become normal practices, such as folding or multiple folding of paper bills, use of rubber bands over wads of banknotes, stapling them attached to billing statements, etc.