Duterte leads presentation of P1,000 polymer banknotes

President Rodrigo Duterte on Wednesday led the presentation of P1,000 banknotes made of polymer.

Duterte was joined by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and Finance Secretary Carlos Dominguez III at the event held in Malacañang.

The first batch of P1,000 polymer banknotes will be delivered from Australia this month, according to the BSP, and will feature the Philippine eagle on the front and a South Sea pearl on the back.

LOOK: New design of the P1,000 bill. pic.twitter.com/ctrdB0kT3j

— Ted Cordero (@Ted_Cordero) December 11, 2021

Diokno earlier said the Philippine central bank had reached an agreement with the Reserve Bank of Australia and its wholly-owned subsidiary Note Printing Australia for the production of the polymer banknotes.

The BSP is pushing for the adoption of polymer-based banknotes, as these are said to be more hygienic and sanitized, more sustainable and environmentally friendly, more durable, and more cost effective.

The polymer banknotes will also have additional security features which will make them difficult to counterfeit.

It further stated that the P1,000 banknote was widely used in the Philippines, accounting for at least 30% of all money in circulation.

It added that approximately 500 million P1,000 polymer banknotes worth P500 billion will be in circulation between 2022 and 2025.

Diokno also clarified that the P1,000 bill featuring heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos will remain in circulation alongside the polymer banknotes. — VBL, GMA News