Oh.
((In general I have folded the more worth notes to not get out one by misstake.))

Perhaps solve by making bankroll

 

Oh.
((In general I have folded the more worth notes to not get out one by misstake.))

Perhaps solve by making bankroll

It's a 20,000 peso fine if you damage one of these bills.

 

Same in any country, it is illegal to deface or destroy. Simple really, I will just get twice as many 500 peso notes.

As per the presidential decree 247 it relates to all currency and always has. Well since 1973.

OMO.

Cheers, Steve.

 

I have handled a few of the new 1,000 bills in my wife’s shop and the texture is very similar to Australian notes.
Polymer banknotes are relatively hard to fold. There will be a crease along the fold line when force-folded, so I guess that’s the reason they are warning people not to fold.

 

Great idea have men carry around huge wallets to make it easier for the pick pockets, what could go wrong?

 

Haven't run across any yet out here in the sticks but I spose will shortly. I have always kept the bills sorted by denomination in my billfold. Always lower to the 'front' & higher to the 'back. wonder if the presence of numerous regular bills will round the fold point enough to prevent damage or if they actually require to be kept flat. Guess I'll see when I get one. I didn't even know they had a new one as they have already upgraded it once.

I see that the bulletin was dated 10 June so maybe I have already used them and didn't even notice.

Fred

 

I think and OMO that there is an overreaction here, as said it is illegal no mater the country to deface or destroy any currency no matter the denomination. What are we all supposed to go out and buy man bags to keep these new notes flat? If they made them too big to go into a standard wallet then more fool them, I will simply fold them into thirds and shove them in my wallet or pocket.
Reserve banks accept a currency even if it's cut in half as long as to have the bank note numbers on the two halves. The reserve banks all over the world destroy their own currency when defaced or past its use by date and simply print more to replace.

My new 1,000 Piso notes will be going in my wallet. Legal tender.

OMO.

Cheers, Steve.

 

Salceda urges BSP to issue guidelines on ‘damaged’ P1,000 polymer bills
The Bangko Sentral ng Pilipinas should issue guidelines on what constitutes a still-valid P1000 polymer bill and which bills are damaged beyond being acceptable, Albay representative Joey Salceda said on Monday.

BSP Governor Felipe Medalla had earlier warned that the new P1,000 bill should remain flat; should not be excessively folded, creased or crumpled as mishandling can result in the bill breaking; and Filipinos would need a longer wallet to store it.

The P1,000 polymer bill replaces the P1,000 banknote which featured the faces of Josefa Llanes Escoda, Vicente Lim and Jose Abad Santos.

“One of the primary motivations for shifting to the polymer-based bill was that it is more durable than the paper bills," wrote Salceda in a letter to the BSP.

"However, the lack of guidelines on what constitutes still-valid legal tender and which bills are damaged beyond being acceptable by business establishments has led to confusion in ordinary cash transactions," added Salceda, who served as the House Ways and Means panel chair in the 18th Congress.

"One folded bill should be just as good as a bill not folded."

The representative reasoned further that if the polymer bills were more sensitive and less flexible than the paper bills, the whole effort defeated its own purpose, which was to make paper bills more durable.

"To resolve these concerns, may I request that the BSP issue guidelines on accepting polymer P1000 bills, and what remedial resources cash-holders can resort to, should their polymer bills no longer be acceptable to establishments. I understand that, with the paper bills at least, damaged bills could still be exchanged with banks and the BSP,” said Salceda.

Furthermore, Salceda pointed out that in theory and in usual practice, the value of money was not affected by its appearance.

"What matters is the validity of the promise embedded in the currency. That should determine the value. Money is fungible, so you should be able to exchange one bill with another and not lose value," Salceda said.

He added that sanctions on those who fold the new P1,000 bill would also be hard to implement because there would be no record of who held which bills.

“I hope Philip [Medalla] directs the issuance of guidelines soon. We are not the only currency using polymer. Australia and Canada also do, and they’re not quite as finicky about the bills," Salceda said.

In addition, the Albay Representative said he had scheduled a meeting with the BSP on the polymerization of other bills, as well as their impact on the abaca sector.

Abaca is used in some paper bills issued by the BSP. — DVM, GMA News GMA News link

 

Yep, O.R. and if they are so precious about a measly 20 dollar bill then they should not be circulated. What's the difference between the old and new. It's the currency issued and guaranteed by this here government.
All our notes in Australia are plastic, last longer and no cr#p about folding them and have been in circulation for over 20 years. Yes Mark, over reacting and something new for the tabloids to sensationalize as they have no bigger fish to fry,,,, yet.

As always OMO.

Cheers, Steve.

 

BTW M.C.A. No need for bold type, I take that as an affront because I disagree with all that has been said. I am not stupid nor are the people that will stick those new plastic notes in their wallets. Legal tender in this country.
This is a public forum isn't it?


Cheers, Steve.

 

Ah, so now you removed your comment to me in bold typeface, the joys of being a moderator, not fair as I'm sure others would like to see the full transcript instead of adulterated. Sad. Seems the realities are revealing themselves.

Just being honest here Mark. Ban me again, I care little, all over a piece of plastic.

Cheers Steve

 

It's still in bold lol... relax Steve geez, I got better things to do than ban people, I put the words "todays news" in bold just to show that they keep pushing some sort of fine issue they won't drop it, well... it's like that here, tough rules like we still have to wears masks outdoors.

It appears that the current Administration is just warning the citizens to take care of these bills by inadvertant threats of fines but if the entire article is read correctly you can bring you bill into the bank and get it changed.

The problem with these warnings or social media rhetoric of fines for bending or damaging is that those that own business might just decline a folded bill because of the hassles of trying to get rid of it or exchanged at a bank and they end up becoming the front line on accepting or not accepting the new bill.

 

So, these new bills are supposed to be safe, strong and longer-lasting than the old bills "given their resistance to water, oil, dirt, and general wear and tear", but please don't fold them or they'll self-destruct?!?

On a more practical note, are these bills actually LONGER or WIDER than the old bills, or are new wallets needed just to avoid folding the bills?

 

Knowing the Philippines they are both longer and wider and fit no known wallet made at this time. Joke lang. I assume they are the same size as the old notes.

 

actually pretty funny topic,,typical philippines crap.

 

True and your average Filipino is not talking about it.
As I said in a earlier post I have seen a few at my wife’s shop but considering her business cash flow there aren’t that many circulating.
Bit like the 20 peso coin that came out last year. Most are in some bottle/jar being saved.

 

The one thing that is giving me a chuckle is how often are rules followed in the Philippines? Traffic laws / rules in the Philippines are not always followed or obeyed. My only fear is if you get stuck with one of these bills that a cashier decides has been folded or damaged are they going to refuse to accept it?

 

PHP is dropping in value against USD

Peso touches all-time low vs dollar

Just as it was about to hit its all-time low against the dollar, the peso relented on Tuesday.

www.philstar.com

 

Thats not a bad rate......I have traded for 40 something around 2012 maybe before.

 

For USA expats, I suppose it helps.
But it also means imported items will cost more.

I just can't believe the new 1000 PHP bill is so fragile.
Do other countries use similar paper money ?

 

They probably have them made in China.

 

If you read all of the article SM do accept folded notes. Guess the sales lady got caught up in all the Facebook hype!

https://ph.yahoo.com/news/folded-new-p-1000-polymer-banknote-viral-post-forces-bsm-sm-to-backtrack-071607255.html

 

And this also, Bangko Sentral assures folded notes will be accepted.

Will folded P1,000 polymer banknote be accepted for payment?

The central bank and a shopping center issued a clarification on polymer banknotes amid the circulating advisory that folded ones will not be accepted as

tinyurl.com

Plastic notes last much longer than paper therefor reducing reprinting costs. Smart move Philippines.

Cheers, Steve.

 

But who wants to stand in a bank line, Steve? Not me.

 

hey steve

I heard the 1000 peso note should not be folded. WHY WHY WHY!!!!

art

 

Last night on the News those vendors that work in the markets are not going to accept a folded bill, they don't have the time to mess with banks, stand in long banking lines, etc.., or switch bills so until the current Administration can further define how they are going to deal with folded bills the vendors won't accept your bills.

The long wallet I ordered, it's been packed since the 10th of July, but not shipped and now I see these very same wallets climbing in price to 500 pesos so from 100 to 500 pesos in some cases.

 

Golly and golly again, did you bother to read my and magsasajs's contribution to this post? Standing inline in a bank no matter the country is normal and has absolutely nothing to do with folded plastic notes. Guess what? the 500's 100's and 50's will all be plastic one day here and we don't need some great long wallet. Australia we never had 2 and one dollar notes (coins now) and plastic bills for over 20 years and saved the Australian tax payer millions of bucks.

Again you single me out, simply because I offer up the correct info that appears to disagree with the fact that you went and purchased some oversized wallet? Come on Mark, the facts and reality are there and we can put the new notes in our regular wallet and as said is legal tender, we mentioned O/R before.

OMO.

Cheers, Steve.

 

Now they say folded notes can & will be accepted as normal. As of this morning.

Fred

 

As of since they were printed most likely same as other countries for over 20 years. Some people? These notes will circulate far longer than paper counterparts.

Cheers, Steve.