Permanent visa

Here is how I understand it.

His permanent residency card was issued prior to 2019. The cards now have a chip. IF you are going to deal with a entity, like Scotia bank, that wants the latest greatest, you have to upgrade to the chip card for 1,700 pesos with an appointment required.

We applied and received citizenship July, 2024, and they were perfectly happy with the non chip card.

Looks like unless you are dealing with a real stickler, like Scotia Bank, all is well. The new card is an "upgrade" not a renewal.