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OK to use folded polymer banknotes – BSP

OK to use folded polymer banknotes - BSP

10 May 2024 — The Bangko Sentral ng Pilipinas (BSP) reiterates that folded banknotes, whether polymer or paper, should be accepted and remain as legal tender for payments and other financial transactions.

The shift to the new polymer banknotes was mainly for better security as the new bills have intricate designs that make counterfeiting difficult.

Why the new polymer banknotes are smarter, cleaner, and stronger

SECURE: Using advanced technology, polymer banknotes make counterfeiting significantly more difficult and costly. More intricate designs and stronger security measures are in line with the BSP’s mandate of safeguarding the integrity of the Philippine currency.

HYGIENIC and SANITARY: Polymer banknotes can be sanitized with less risk of damage, making them a more hygienic alternative to paper banknotes. They are also more resistant to water, oil, and dirt.

DURABLE and COST-EFFECTIVE: Polymer banknotes last at least 2.5 times longer than paper banknotes. Their extended lifespan makes polymer banknotes more cost-effective in the long run.

ENVIRONMENT-FRIENDLY: Polymer banknotes have minimal carbon footprint as their production requires less water, energy, and other resources. They can also be recycled into other useful forms, such as compost bins, building components, furniture and other household products.

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