BSP officially unveiled the new design for the P1,000 banknote.
BSP — On Saturday, the Bangko Sentral ng Pilipinas officially unveiled the new design for the P1,000 banknote.
BSP Governor Benjamin Diokno told reporters in a Viber group message that the new P1,000 banknote was designed by the central bank and approved by NHI (National Historical Institute), adding that its issuance had been approved by the Monetary Board and the Office of the President.
The new design, which will be for the limited polymer bills to be released in 2022, featured the Philippine eagle in front instead of heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.
When asked why the personalities in the banknote were replaced in the new design, Diokno said that the new banknote series will focus on flora and fauna in the Philippines.
Diokno also said that the target release of the polymer banknotes will be on the “fourth week of April 2022”.
READ ALSO: BSP To Start Testing Polymer PHP 1,000 Banknotes In 2022
Early this month, the central bank said that the first batch of polymer P1,000 banknotes would be delivered in April 2022.
The central bank tapped the Reserve Bank of Australia and Note Printing Australia for the production of the polymer P1,000 banknotes.
Last October, the central bank announced its plan to test-circulate “a few million” pieces of the polymer P1,000 banknote in 2022. BSP Deputy Governor Mamerto Tangonan said that the test circulation of the polymer P1,000 banknotes will run from 2022 to 2025.
“We’re authorized to release 500 million pieces of P1,000 polymerized banknotes,” Tangonan previously said.
The central bank was pushing for the adoption of polymer-based banknotes as those were said to be more sustainable and environmentally friendly, more hygienic and sanitized, more durable, and more cost-effective.
Also, the polymer banknotes will have additional security features which will make them difficult to counterfeit.
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