The Department of Trade and Industry (DTI) and the Bangko Sentral ng Pilipinas (BSP) strongly encourage all businesses and consumers to accept centavo coins (i.e., 25-, 10-, 5-, and 1-centavo) and folded polymer banknotes and, as legal tender for payments and other financial transactions.
Both paper and polymer banknotes—even when folded—as well as centavo coins(1) are legal tender in the Philippines.
As such, all business establishments and individuals should accept folded polymer banknotes and centavo coins when used as payment.
The DTI calls all business establishments and individuals must accept centavo coins and folded banknotes as payment.
This advisory is being issued in response to concerns raised by the public against individuals and business establishments declining of centavo coins and folded 1000-peso polymer banknotes. The government received the complaints from different platforms, such as the 8888 Citizens’ Complaint Center, social media, and calls and emails received by government institutions.
The DTI urges the public to report business establishments, such as grocery stores, sari-sari stores, convenience stores, restaurants, pharmacies, and wholesale and retail shops, among others, that do not accept the centavo coins and polymer banknotes to the DTI Consumer Hotline 1-384 or [email protected].
[1] The BSP has set the legal tender limit of centavo coins for single transactions at two hundred pesos (Php 200.00) as per BSP Circular No. 1162, series of 2022. Coins may be used and accepted in amounts higher than the legal tender limit, provided that both payer and payee mutually agree to transact using quantities of coins above said limit.♦
Date of Release: 24 October 2023
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