Baguio residents react differently to new Php1000 polymer banknote
SMARTER, CLEANER, STRONGER. The Bangko Sentral ng Pilipinas North Luzon Regional Office informs the public that the new and improved Php1000 polymer banknote can still be circulated and accepted for payment after being folded and crumpled, and advises retailers and banks to accept them for payment transactions. BSP says the features of the new banknote (smart, clean, and strong) make it last two to five times longer than paper banknotes, and more difficult to counterfeit. Merriam del Rosario //FNS
BAGUIO CITY – The recently released Php1000 polymer banknote has stirred up mixed reactions among the residents of Baguio.
Some are excited to have it in their wallets while others are hesitant to accept it.
Some residents are also curious about the durability of the new banknote and are anxious to see if it will stand the test of time.
Shopkeepers have reported that many customers only wanted to touch and feel it, but refuse to accept it because it feels different and looks so fragile.
“I have encountered customers who declined to accept the new banknote due to concerns of damaging it and the possibility of being unable to redeem it later,” a sari-sari store owner at Saint Joseph Village said in the vernacular.
On the other hand, some residents are excited to have the new banknote in their wallets and keep it as a souvenir.
The Bangko Sentral ng Pilipinas (BSP) has reassured the public that the new banknote is safe to use, a response to the evolving needs of Filipinos, and the result of the availability of modern technology.
“The new Php1000 polymer banknote is out for test circulation. We are promoting the polymer banknote because it is smarter, cleaner, and stronger,” BSP North Luzon Regional Office bank officer Marian C. Patosa said during a press briefing held recently at the BSP North Luzon Regional Office.
Patosa also clarified that crumpled polymer banknotes remain legal tender and can still be used for transactions.
Moreover, Patosa explained that polymer banknotes are smarter because their sophisticated security features make it more difficult to counterfeit.
She also said it is cleaner, because the survival time of bacteria and viruses in polymer banknotes is significantly shorter than in paper banknotes, based on studies reviewed by the Philippine Health Department, and it can be sanitized or sprayed with alcohol, with less risk of damage compared to paper banknotes.
She further said it is stronger because it is made of polymer substrate, which allows a longer circulation span that is at least 2 to 5 times longer than paper banknotes.
The BSP started the circulation of the new Php1000 polymer banknote in April 2022, initially issuing 10 million pieces.
The BSP expects that 500 million pieces of the new Php1000 polymer banknote shall be in circulation by June this year, alongside the existing Php1000 paper banknotes. ### Merriam del Rosario // FNS