The Bangko Sentral ng Pilipinas (BSP) on Monday tells retailers and banks to accept folded polymer banknotes for day-to-day transactions.
The BSP issued the statement amid reports that a mall refused a PHP 1,000 polymer bill because it was folded.
"BSP 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 statement read.
The BSP also released guidelines on the proper handling of polymer banknotes such as storing banknotes in wallets where they fit properly, keeping them clean, and using them as payment for goods and services.
However, banknotes that are mutilated, stapled, and ripped caused of the removal of staple wire will not be accepted in retail stores.
The BSP said that the guidelines applied to both paper and polymer banknotes.
"The handling guidelines were issued to raise public awareness on the proper use of polymer and paper banknotes to safeguard their integrity and prolong their lifespan," the BSP said.
The BSP initially launched 10 million pieces of the P1,000 bills made of the stronger material back in April.
