SM says folded polymer P1K bills still accepted

Major mall operator SM on Monday said folded banknotes are accepted in its retail stores but “mutilated” bills are unfit, following a social media post claiming that the company rejected a folded polymer bill.

SM responded to an online post saying that the management of SM rejected a polymer P1,000 bill because it was folded. The post can no longer be accessed and has since been deleted.

“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,” SM said in an emailed statement.

The central bank earlier released guidelines regarding the polymer bill, saying it should be kept flat and clean.

The public has also been urged not to deface, excessively fold, tear, cut or poke holes, staple, damage the clear windows, or iron the polymer banknotes, nor expose them to high temperatures or strong or corrosive chemicals.

The BSP in April said it released 10 million pieces of the P1,000 polymer banknotes, which it designed and approved by the National Historical Institute.

The new design of the polymer note was released in December 2021, featuring the Philippine eagle in front, effectively replacing heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.

The polymer version, however, is longer than the new generation currency banknotes (NGC) which were officially launched in July 2020.

The BSP tapped Reserve Bank of Australia and its wholly-owned subsidiary Note Printing Australia for the production of the polymer banknotes, using materials similar to banknotes of Australia, Canada, Mexico, New Zealand, and the United Kingdom.—LDF, GMA News