BSP: “The new 1000-Piso polymer banknote is only worth its face value.”
BSP — On Friday, the Bangko Sentral ng Pilipinas advised the public that the new 1000-piso polymer banknote is not for sale as it releases the banknotes gradually in circulation.
The central bank said in a statement that the polymer banknote is “only worth its face value” and shouldn’t be traded, sold, or bought for any other amount.
“The Bangko Sentral ng Pilipinas (BSP) advises the public that the new 1000-Piso polymer banknote is only worth its face value and should not be sold, traded, or bought for any other amount,” the central bank said.
Early this month, President Rodrigo Duterte led the presentation of the 1000-piso polymer banknotes, which features the South Sea pearl on the back and the Philippine eagle on the front. The central bank said that the new polymer banknotes would be released in phases, starting April.
According to the central bank, ATMs and other cash processing machines will be calibrated to properly count and dispense the new 1000-piso polymer banknotes during the initial phase.
READ ALSO: BSP Warns Public vs Buying 5-Piso, 20-Piso Coins At Higher Prices From Online Sellers
The central bank also said that the 1000-piso polymer banknote will be circulated alongside the current 1000-piso paper banknote, adding that both can be used for transactions and payments.
“The Office of the President and the Monetary Board approved the issuance of the new 1000-piso polymer banknote, which the BSP is releasing in phases, starting April 2022,” the central bank said.
The Bangko Sentral ng Pilipinas added that the new 1000-Piso polymer banknote strengthens the central bank’s efforts to respond to pressing public health and safety concerns because of the coronavirus pandemic, to promote environmental sustainability, and to deter counterfeiting.
BSP earlier said that approximately 500 million 1000-piso polymer banknotes worth PHP 500 billion will be in circulation between 2022 and 2025.
Meanwhile, the central bank warned the public against buying the 5-Piso and 20-Piso coins at higher prices from online sellers.
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