The Bangko Sentral ng Pilipinas (BSP) reminded retail stores and banks that the polymer P1,000 bills should be accepted as a form of payment.
The central bank issued the reminder in response to complaints that certain establishments are refusing to accept the plastic-like bills, which are currently under trial circulation per BSP policy.
The different texture and appearance of the polymer bill have resulted in hesitation to accept them as legal tender or deposit them in banks, since they could be mistaken as a fake bill.
“The Bangko Sentral ng Pilipinas informs the public that 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 said.
