Consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliquaSUPPLIED"]
P20,000 fine for stapling new Philippine polymer banknote
Officials of Bangko Sental ng Pilipinas (BSP) said that “mutilation” of the new banknotes, including stapling it, will attract a fine of P20,000 (Dh1,378).
The Philippines launched its new P1,000-peso banknote in April. The new banknotes are made of polymer, which officials say have better security features.
On Monday (June 13), central bank officials from the Mindanao Regional Office urged the public to treat the new banknotes with care.
“Those who are accustomed to stapling banknotes, the polymer ones should not be stapled. Unlike the paper banknote, you can take the staples out, and it will just leave holes (but the polymer ones will rip,” said Dorothy Joy Diaz, BSP Mindanao Regional Office bank officer.
“If it rips, then it is a mutilated banknote. Violators can be charged,” she added.
Under the law, “willful defacement, mutilation, ripping, burning or destruction of Philippine banknotes and coins is illegal and punishable by up to five years in prison and a fine of not more than P20,000”.
The new polymer banknote, which
started circulation in April 2022, is a response to public health and safety concerns due to the Covid-19 pandemic, officials say.
The banknote is reportedly less susceptible to viral and bacterial transmission, and can be sanitized without damaging the bills.?
ICA/Expat Media
.jpg)
