The Bangko Sentral ng Pilipinas (BSP) should implement more “confidence-building measures” on the use of P1,000 polymer bank notes, Surigao del Norte 2nd district Rep. Robert Ace Barbers said Tuesday, Jan. 31.
The Bangko Sentral ng Pilipinas should implement more “confidence-building measures” on the use of P1,000 polymer bank notes, Surigao del Norte 2nd district Rep. Robert Ace Barbers said Tuesday, Jan. 31.Barbers made this call even as he observed that small retailers continue to shun the polymer bills out of fear that the slightest crease or fold would render it useless.
“Believe it or not, the polymer bills are still alien to many Filipinos and there’s an urgent need to educate and more importantly, assure everyone that folded polymer bank notes are still valid legal tender,” the Nacionalista Party stalwart and multi-term congressman stressed. Barbers said that while the central bank has stated back in July 2022 that folded polymer notes are perfectly acceptable, they should still assure both the consumer and trader moving forward that such remains the case.
“The worst case scenario for me is for the country’s GDP to take a hit if people will refuse to transact, purchase, accept, or trade with these notes for fear of damaging them with just a simple fold. For them, they’d rather stick to the more familiar paper bills. I blame that fear on the BSP, since the polymer bank notes have been out for months now,” Barbers said.
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