BSP says 10M pieces of P1,000 polymer banknotes out in public

The Bangko Sentral ng Pilipinas (BSP) on Tuesday said it has released 10 million pieces of the P1,000 polymer banknotes which were produced in Australia.

According to the central bank, the release is equivalent to 0.7% of the estimated combined number of P1,000 paper and polymer banknotes in circulation.

A total of 500 million pieces of polymer banknotes is expected to be circulated alongside the P1,000 paper banknotes by 2023.

The central bank in December released the new design of the P1,000 polymer note, designed by the BSP and approved by the National Historical institute. It features the Philippine eagle in front, replacing heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.

The BSP tapped Reserve Bank of Australia and its wholly-owned subsidiary Note Printing Australia for the production of the polymer banknotes, using materials similar to banknotes of Australia, Canada, Mexico, New Zealand, and the United Kingdom.

“BSP Governor Benjamin E. Diokno has repeatedly stated that there will be no demonetization of currently circulating banknotes and coins during his term,” the BSP said in an emailed statement.

The BSP also earlier advised the public that the new P1,000 banknotes made of polymer are not for sale, and is only worth its face value. It should not be sold, traded, or bought for any other amount.—AOL, GMA News