The Bangko Sentral ng Pilipinas should issue guidelines on what constitutes a still-valid P1000 polymer bill and which bills are damaged beyond being acceptable, Albay representative Joey Salceda said on Monday.
BSP Governor Felipe Medalla had earlier warned that the new P1,000 bill should remain flat; should not be excessively folded, creased or crumpled as mishandling can result in the bill breaking; and Filipinos would need a longer wallet to store it.
“One of the primary motivations for shifting to the polymer-based bill was that it is more durable than the paper bills," wrote Salceda in a letter to the BSP. "To resolve these concerns, may I request that the BSP issue guidelines on accepting polymer P1000 bills, and what remedial resources cash-holders can resort to, should their polymer bills no longer be acceptable to establishments. I understand that, with the paper bills at least, damaged bills could still be exchanged with banks and the BSP,” said Salceda.
"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," Salceda said.
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