President Duterte led the presentation of 1000-piso polymer banknotes.
PRESIDENT RODRIGO DUTERTE — The Philippine President recently led the presentation of 1000-piso polymer banknotes.
On Wednesday night, the President launched with economic managers the new 1000-piso polymer banknote featuring the Philippine eagle. The new polymer banknotes, which the Bangko Sentral ng Pilipinas (BSP) said are “smarter and stronger”, will be released in phases this month.
During the said event, the President inspected the banknote with Finance Secretary Carlos Dominguez III and BSP Governor Benjamin Diokno.
The central bank said that the advanced technology, intricate design, and complex security features make counterfeiting “significantly more difficult and costly”.
Based on a report on Manila Bulletin, the central bank will circulate an initial 10 million polymer banknotes in 1000-piso denomination this quarter in order to test the market’s acceptance of polymer-based money.
The central bank said that it is still finalizing the memorandum of agreement for the guidelines
READ ALSO: BSP Plans To Circulate More Polymer Banknotes In Different Denominations
The BSP also said that the said agreement will cover polymer familiarization by all banks and calibration of existing cash processing machines, automated teller machines, vending machines, bills acceptors, and other similar devices for compatibility with polymer banknotes.
According to BSP, the polymer banknotes’ limited circulation test will help the central bank assess the validity of the purported benefits of using polymer-based money, particularly the effects of polymerization on environmental sustainability, public health and hygiene, durability, and counterfeiting rates.
The central bank will start the full public issuance of the 1000-piso polymer banknotes next year.
Last January, the BSP chief said that the shift to polymer banknotes on other denominations will be based on the result of the circulation of the 1000-piso polymer banknotes.
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