The BSP defended the new design for the P1,000 polymer banknote.
BSP — Following the release of the new design for the P1,000 polymer banknote, the Bangko Sentral ng Pilipinas recently clarified that the P1,000 banknote featuring the Philippine heroes will continue to be in circulation.
On Monday evening, BSP Governor Benjamin Diokno defended the new design for the P1,000 banknote which featured the Philippine eagle versus the earlier designs with Philippine heroes Josefa Llanes Escoda, Vicente Lim, and Jose Abad Santos.
Diokno told reports in Manila that the P1,000 paper banknote featuring Philippine heroes will remain in circulation alongside the new P1,000 polymer banknotes.
He also said that the central bank will not demonetize the existing P1,000 paper banknote, adding that the BSP will continue to print the existing P1,000 paper banknotes even as the central bank circulated the P1,000 polymer banknotes.
“Heroes will remain heroes whether they are in the notes or not,” Diokno said. “We will not demonetize the existing 1,000-piso paper banknote. Under my watch, there will be no demonetization of any denomination.”
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Diokno on Monday said that the central bank decided to test the polymer banknotes with the P1,000 banknote as it’s the largest denomination in general circulation and it’s the most widely circulated banknote in the Philippines.
Also, Diokno responded to concerns that heroes were being erased in favor of fauna and flora. According to him, 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,” Diokno 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.”
Earlier, the central bank said that it will test the polymer banknotes with an initial few hundred million pieces.
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