THE Bangko Sentral ng Pilipinas (BSP) reiterated last Tuesday that the current 1000-piso banknote will not be demonetized despite the successful rollout of the polymer banknotes earlier this year.
In a statement, the BSP said the current 1000-piso paper bill will be circulated alongside the 10 million pieces of 1000-piso polymer banknotes released to the public last week.
The total number of polymer 1000-piso banknotes represents two percent of the total polymer banknotes to be circulated. This is equivalent to 0.7 percent of the estimated combined number of 1000-piso paper and polymer banknotes in circulation.
BSP Governor Benjamin E. Diokno has repeatedly stated that there will be no demonetization of currently circulating banknotes and coins during his term.
By 2023, a total of 500 million pieces of polymer banknotes are expected to be circulated alongside the 1000-Piso paper banknote.
The BSP has earlier bared the design of the 1000-Piso polymer banknote, featuring the Philippine Eagle and the Sampaguita on the obverse side; and the Tubbataha Reefs Natural Park, South Sea Pearl and T’nalak weave design on the reverse side.
“This new banknote strengthens the BSP’s efforts to respond to pressing public health and safety concerns due to the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting,” the governor earlier said.
