Bangko Sentral ng Pilipinas (BSP) continues to improve the Philippines banknote. According to BSP, the new banknote will be smarter, cleaner, and stronger. Smarter because it’s more sustainable and secure. Cleaner because it’s more hygienic and sanitary. Stronger because it’s made out of polymer, unlike the old banknote which is made out of paper. BSP will release the new 1000 peso bill in the Philippines. Soon it will be circulated all over the country. However, there has been an issue with handling the new banknote based on netizens’ experience. According to the netizen, a popular mall in the country refused to accept the new banknote because it’s folded. So if you’re wondering if that is true, here are the do’s and don’ts on handling the new 1000 peso bill.
Do’s and Don’ts on Handling The New 1000 Peso Bill Guidelines
BSP released a reminder to every Filipino that folded polymer banknotes must still be accepted by retailers and banks. However, there are do’s and don’ts that every Filipino should follow to preserve the new banknote.
Do’s on Handling the New 1000 Peso Bill
- Keep them flat
- Keep them clean
- Use them as payment for goods and services
NOTE: BSP discourages the public from hoarding the new banknote nor selling or buying it for a higher price.
Don’ts on Handling the New 1000 Peso Bill
- Write on or mark
- Tear or cut
- Poke holes in them
- Excessive folding, creasing, or crumpling
- Use rubber bands to keep them together
- Iron them
- Damage the clear windows, metallic features, and other safety features
- Expose to very high temperature
- Expose them to corrosive chemicals
What will happen to those who don’t follow the do’s and don’ts?
BSP mentioned that if anyone willfully defaces, mutilates, burns, tears, or destructs the banknote will be punished. According to Presidential Decree 247 which was signed by the late President Ferdinand E. Marcos in July 1973, all violators will be fine not exceeding ₱20,000 and/or will be imprisoned for five years max.
According to BSP, they have released the country’s first 10 million pieces of the new bills. In addition, all the guidelines that were mentioned above apply not only to polymer bills but to paper ones too to prolong their lifespan.
How to take care of the New 1000 Peso Bill:
- If the bills get crumpled or creased, apply pressure or flat them using your hands
- Clean them using a damp cloth
- Alcohol-based sanitizer can be used as well but make sure to wipe it dry using a towel or cloth immediately
The new bills may be durable, cost-effective, hygienic, difficult to counterfeit, and sustainable but we should follow all the guidelines set by BSP to prolong the lifespan of the new 1000 polymer bills.