P1,000 Polymer Bills May Require ‘Longer Wallets,’ Incoming BSP Governor Says

Longer wallets might be the solution to minimize folding the new P1,000 polymer banknote, incoming Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said in an interview with One News PH on June 24.

As part of the BSP guidelines, the bill should be kept flat and straight at all times. According to Medalla, it is supposedly simpler for women to adhere to this rule because most of them carry handbags.

“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,” he said in the report.

[One thing to adjust is to have wallets or purses that prevent it from being totally folded. The wallet should be of the same length as the money to avoid folding it.]

Medalla’s suggestion gained negative reactions from online users.

         

           

Unlike old paper bills, polymer banknotes are not easily destroyed when they accidentally get wet, Medalla said. This is because the new version of the P1,000 bill is made with abaca-based paper money.

In April 2022, the BSP began putting P1,000 polymer banknotes into circulation. Aside from avoiding excessive folding and crumpling, here are other guidelines on how to properly handle the P1,000 polymer bill.