The P1,000 polymer bill recently circulated by the Bangko Sentral ng Pilipinas (BSP) will be accepted as legal tender even if it is folded, SM Supermalls said Monday (July 11).
The retail giant owned by the Sy-blings made the statement in response to what it calls a “misleading” social media post claiming that a mall employee refused to accept a polymer P1,000 bill just because it was folded across the middle.
Uploader Reylen Lopez claimed that a cashier refused to accept the folded polymer bill as a form of payment. The story quickly went viral online as netizens were in disbelief.
“In response to the information circulating on social media regarding the new P1000 bill, we would like to assure the public that folded bank notes are still accepted in our SM Retail Stores,” SM Supermalls said in a statement. “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.”
“We encourage the public not to engage with the misleading social media posts,” it added.
The plastic-based P1,000 bills are shinier and has a glossier texture, and are on test circulation as the Bangko Sentral ng Pilipinas studies if this kind of material would work well in the Philippines.
New central bank Governor Felipe Medalla earlier said Filipinos should use longer wallets to avoid folding the polymer banknotes.