Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) said the new P1,000 polymer banknotes will go into circulation from April 18.
BSP Governor Benjamin Diokno made the announcement after he and members of the Monetary Council presented the new 1000 Piso polymer banknote to President Rodrigo Duterte in Malacañang on Tuesday.
Diokno said the more durable plastic bill would be available over the counter first, as banks still need to reconfigure their automated teller machines (ATMs) to dispense the bill.
The new polymer 1000 Piso banknote will circulate alongside the current paper 1000 Piso banknote and both can be used for payments, the BSP said.
The central bank said the new note “strengthens BSP’s efforts to address urgent public health and safety concerns arising from the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting.”
He also said polymer banknotes are more hygienic and cost-effective because they can be sanitized with less risk of damage than paper banknotes.
“As the sole issuer of Philippine currency, and in line with best practices of central banks around the world, BSP periodically updates the material, design and security features of our banknotes to ensure that they promote public welfare, that they are durable enough for longer-term use and incorporate the latest technology to prevent counterfeiting,” Diokno said.
The BSP said polymer banknotes also make counterfeiting much more difficult and expensive.
The design of the 1000 Piso polymer banknote features the Philippine eagle and the Sampaguita on the obverse; Tubbataha Reefs Natural Park, Pearl of the South Sea and T’nalak weaving pattern on reverse.