House Committee on Ways and Means Chairman Joey Sarte Salceda last Monday asked the BSP to clarify the acceptance of damaged, folded or otherwise altered P1,000 polymer bills by business establishments. Know more:
HOUSE Committee on Ways and Means Chairman Joey Sarte Salceda last Monday asked the Bangko Sentral ng Pilipinas to clarify the acceptance of damaged, folded or otherwise altered P1,000 polymer bills by business establishments, in response to concerns raised by both businesses and consumers.
According to Congressional rules, Salceda’s committee oversees “monetary and financial affairs of the national government.” “What matters is the validity of the promise embedded in the currency. That should determine the value. Money is fungible, so you should be able to exchange one bill with another and not lose value. One folded bill should be just as good as a bill not folded,” he said.
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