Senator Koko Pimentel wants the BSP to immediately suspend the production of the impractical P1,000 polymer bills.
Pimentel said the BSP’s decision to use polymer instead of the indigenous abaca is not only detrimental to the livelihood of local producers but also impractical to many Filipinos who are used to storing bills in their pockets, purses, or wallets.
“The issuance of these polymer bills to replace our old banknotes is absolutely absurd. Our bills should be designed in such a way that they can withstand a minimum amount of abuse like crumpling and folding. Parang gusto pa yata nila ilagay sa frame yung bills para kunwari matibay,” Pimentel said in a statement.
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“The BSP should suspend the production of these banknotes ASAP,” he added.
Pimentel said that while polymers are supposed to be more sturdy compared to abaca, Pimentel said the material lacks the flexibility to make it more convenient for Filipinos.
Polymers are also sensitive to chemicals. Pimentel also lamented the impact of the new bill material on abaca producers amounting to US $97.1 million per year.
“The arbitrary and hasty changes in our monetary design for the purpose of crafting legislation on this matter,” Pimentel said in his resolution.
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Earlier, the Bangko Sentral ng Pilipinas reminds the public that the new P1,000 bill will remain as legal tender and should be honored even if folded contrary to the claims made by netizens on social media.
Some videos showed that some malls and other establishments reject folded 1,000 polymer bills.
“Banknotes — whether made from paper or polymer — that have been creased remain acceptable for payment and banks and business entities, especially retailers, should accept these for transactions,” the Bangko Sentral ng Pilipinas said in a statement.
Netizens also panicked following a social media post by the Philippine National Police enumerating prohibited acts on the new bill and could land them in jail.
