Polymer banknotes

RECENTLY, a customer of a popular retail store alleged that the store refused to accept her folded new polymer P1,000 bill.

But, of course, the store denied the allegations and released a statement assuring the public that folded banknotes are still accepted in their stores. They only reject bills which are mutilated, stapled and ripped caused by the removal of staple wire.

I believe that everyone has the habit of folding bank notes. In this article, I will discuss how to properly handle polymer bank notes.

The polymer bills are more durable than the current abaca-based bills because the former are said to last longer and are cost-efficient. These are resistant to water, oil and dirt. They are more hygienic as they have lower bacterial count than cotton-based bills.

The design of the polymer banknote has the Philippine eagle and sampaguita on the obverse side, replacing the photos of national heroes Jose Abad Santos, Vicente Lim and Josefa Llanes Escoda; and the Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak weave design on the reverse side, the same as the current P1,000 bill.

The polymer banknotes are tough. So, the banknote should be kept flat. It is important what kind of wallet we are using. We are encouraged to place this in a long wallet where it can fit properly. It can be cleaned with a damp cloth. We may use alcohol-based sanitizers on the surface.

We should handle them the same as paper bank notes.

Under Presidential Decree No. 247, likewise known as Prohibiting and Penalizing Defacement, Mutilation, Tearing, Burning or Destruction of Central Bank Notes and Coins, the currency notes and coins issued by the Central Bank of the Philippines should not be wilfully defaced, mutilated, burned, or destroyed, in any manner whatsoever.

The same decree punishes any person who shall violate the said Decree by a fine of not more than P20,000 and/or by imprisonment of not more than five years.

The Banko Sentral ng Pilipinas (BSP) also warned not to excessively fold, crease, or crumple the banknotes; tear, cut, or poke holes in them; use staples or rubber bands to keep the banknotes together; damage the clear windows, metallic features, and other security features; expose them to very high temperatures or place them near an open flame; and exposure to strong and corrosive chemicals.

According to BSP, a banknote is unfit for recirculation if it includes: soilage or the presence or accumulation of dirt or any substance across the surface of the bank note that can result in discoloration or aging of the substrate; obvious and visible markings or patches on the bank note surface — including drawings, writings, ink stamps, and oil blots; rag-like or limp appearance; apparent fading of any design on the bank note; and presence of heavy creases due to crumpling or folding of the banknote.

Additionally, a bank note is considered mutilated if it includes: any obvious or visible break, hole, or loss of any part of the banknote; the presence of adhesives — tape, stickers, glue, gum, or staple wire — or any material not originally on the bank note; separation of the front and back sides of the bank note; and damages due to fire burn, water, or chemical.

These bank notes are issued for circulation as a medium of exchange and to utilize for other purposes. Taking care of them reflects the discipline of the people and creates a good image for our country.

We are discouraged to hoard bank notes rather use them as payment for goods and services./PN


Please enter your comment!
Please enter your name here