BSP on new P1,000 bill: Heroes remain whether in bills or not

The Bangko Sentral ng Pilipinas (BSP) on Monday clarified that the P1,000 bill featuring heroes will continue to be in circulation, following the release of the design of the P1,000 polymer banknote.

BSP Governor Benjamin Diokno on Monday evening defended the design of the new P1,000 bill which features the Philippine eagle versus the earlier designs with Philippine heroes Vicente Lim, Josefa Llanes Escoda and Jose Abad Santos.

“Heroes will remain heroes whether they are in the notes or not. The 1,000-piso paper banknote featuring Jose Abad Santos, Vicente Lim, Josefa Llanes Escoda, will remain in circulation alongside the new 1,000-piso polymer banknotes,” he told reports in Manila on Monday evening.

“We will not demonetize the existing 1,000-piso paper banknote. Under my watch, there will be no demonetization of any denomination. The BSP will continue to print the existing 1,000-piso paper banknotes featuring the three heroes even as we circulate the 1,000-piso polymer banknotes,” he added.

Diokno last week released the new design of the P1,000 bill designed by the central bank, and approved by the National Historical Institute. This will be for the limited polymer bills scheduled to be released to the public starting April 2022.

The central bank governor on Monday said it decided to test the polymer banknotes with the P1,000 bill, as it is the largest denomination in general circulation and it is the most widely circulated banknote in the country.

“It is also the subject of the highest number of counterfeiting attempts, although it has the most number of security features and is thus the hardest banknote to forge,” he said.

The new design of the P1,000 polymer banknote was met with criticisms over the weekend, with stakeholders asking the central bank to reconsider the new design of the bill.

Responding to concerns that heroes are being erased in favor of flora and fauna, Diokno said the central bank has continued to feature them both in bills.

“We believe both are important to cultural preservation and promoting our heritage. Both are worthy of being celebrated through our coins and banknotes,” he said.

“In the meantime, changing themes are intended to accommodate and celebrate numismatic artistry and dynamism. Like the heroes theme, the flora and fauna theme will also demonstrate our pride and distinction as a people and a nation,” he added.

The BSP earlier said it will test the polymer banknotes with an initial few hundred million pieces, which will have a similar material to those used in countries such as Australia, Canada, Mexico, New Zealand, and the United Kingdom.—LDF, GMA News