Claim: The new ₱1,000 polymer banknote won’t be legal tender when folded.
Rating: FALSE
The Facts: In April 2022, the Bangko Sentral ng Pilipinas began the circulation of the new and improved 1000-piso polymer banknotes. The BSP explains that the new polymer banknotes are SMARTER (more secure and sustainable), CLEANER (more hygienic and sanitary), and STRONGER (durable and cost-effective) than paper banknotes.
On July 9, 2022, the Police Community Affairs and Development unit of Central Luzon Facebook page made a post with a list of things citizens are not allowed to do with the new ₱1000 polymer banknote.
The post discouraged citizens from accepting banknotes if they were folded as they would not be fit for payment in establishments. In the post, the PCADG claimed that according to the Bangko Sentral ng Pilipinas, the ₱1000 note would not be accepted if folded. The post also emphasized that citizens could suffer charges of up to 20,000 pesos and 5 years in jail if they mishandled the new ₱1000 polymer banknote.
On July 11, 2022, the Bangko Sentral ng Pilipinas released an advisory to address the numerous concerns raised on social media regarding the non-acceptance by some establishments of folded ₱1000 polymer banknotes. In their advisory, the BSP, informs the public that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment.
The Bangko Sentral ng Pilipinas has also issued guidelines on the proper handling of polymer banknotes. The handling guidelines were issued to raise public awareness on the proper use of polymer and paper banknotes to safeguard their integrity and prolong their lifespan.
“The mandate of the President stretches to the widest stretch of Filipinos, all of whom handle physical bills on a daily basis, in the markets and malls. It will be a disservice to all of them if the BSP polymer policy will not be overruled,” said Ronald Gustilo, Digital Pinoys national campaigner.
“While it is good to always side with innovation and technology, the best innovation has always resolved real public problems instead of creating new ones.”
Why we fact-checked this: After receiving more than 4,400 FB reactions, 5,300 comments, and 12,000 shares, the post went viral with citizens from all over social media afraid of accepting folded ₱1000 polymer banknotes.
The post made by the Police Community Affairs and Development unit of Central Luzon Facebook page was misleading and can be considered fear-mongering.
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