Monday, October 3, 2022

Long Wallets Needed for New P1000 Bills to Prevent Being Folded – BSP

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BSP Suggests to Buy Long Wallets for New P1000 Bills to Prevent Being Folded

The Bangko Sentral ng Pilipinas (BSP) suggested buying long wallets for new P1000 polymer bills to prevent them from being folded.

Guidelines for using the newly designed P1,000 polymer currency were been released by the BSP. Keeping them flat and don’t fold or wrinkling the banknote excessively are two of the rules.

BSP Long Wallets

Felipe Medalla, the new BSP governor, stated that purchasing lengthy wallets is necessary for the correct handling of the new money because it is prohibited to over-fold it. Medalla underlined that because women already have a purse, they should be the ones in need of one.

“One thing to adjust is to have wallets or purses that prevent it from being totally folded. Dapat ang wallet singhaba ng pera para hindi i-fold,” Medalla said in an interview with One News PH.

Some internet users, however, disagreed with the BSP’s recommendation to purchase a lengthier wallet. The original P1,000 bill design, they claimed, is preferable since it can be folded as normal.

The P1,000 bill’s polymer structure has previously been marketed by BSP as being more durable and environmentally friendly than paper money made from abaca. In April 2022, the BSP started issuing P1,000 polymer banknotes. There are still other P1,000 paper currency notes available.

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