THE Bangko Sentral ng Pilipinas (BSP) denied claims it is “abandoning” the heritage of Philippine heroes after publishing the design of the 1000-piso polymer banknotes replacing the heroes with a Philippine eagle.
Asked late Monday on whether the decision to replace heroes on Philippine banknotes is symbolic of the BSP’s abandonment of heroes, BSP Governor Benjamin Diokno said: “No we’re not. Heroes will remain heroes whether they are in the notes or not.”
Over the weekend, the BSP chief released the new design of the polymer notes designed by the Central Bank and approved by the National Historical Institute (NHI). The design contained a clear film feature, with an illustration of the Philippine eagle instead of the three hero heads that are currently in circulation.
Diokno told reporters that the 1,000-piso paper banknote featuring Jose Abad Santos, Vicente Lim and Josefa Llanes Escoda will still remain in circulation alongside the new 1000-piso polymer banknotes.
The governor also clarified that they will not demonetize the existing 1000-piso banknote, adding that there will be no demonetization of any denomination under his administration as BSP chief.
“The BSP will continue to print the existing 1,000-piso paper banknotes that feature the three heroes even as we circulate the 1000-piso polymer banknotes,” he said.
Diokno earlier said the new polymer banknotes will feature flora and fauna instead of heroes.
“Throughout the past few decades the BSP has featured both our heroes and our national environment and our currency. We believe both are important to cultural preservation and promoting our heritage. Both are worthy of being celebrated through our coins and banknotes. In the meantime, changing themes are intended to accommodate and celebrate numismatic artistry and dynamism,” Diokno said on Monday.
“Like the heroes theme, the flora and fauna theme will also demonstrate our pride and distinction as a people and a nation. It will remind us of our nation’s commitment to ensure a sustainable future for everyone. So the flora and fauna theme will apply to the 1000-piso banknote as approved by the monetary board,” he added.
Earlier this month, the BSP said it reached an agreement with Australia’s central bank, the Reserve Bank of Australia, and its wholly-owned subsidiary Note Printing Australia for the production of the local 1000-piso polymer banknotes.
The delivery of the first batch of 1000-piso polymer notes from Australia will be in April next year. It will then be circulated to the economy in mid-2022.