P1000 Bill – Malacañang Speaks on the Old, New Design for Banknote

Will the old P1000 Bill still be used?

P1000 BILL – Malacañang Palace spoke on the old one thousand peso bill featuring the World War 2 heroes and the new design for the banknote.

From time to time, there are changes in the banknotes in the Philippines depending on the decisions of Bangko Sentral ng Pilipinas (BSP) in collaboration with the national government. There were several instances in the past when the design was changed before printing new banknotes.

The banknotes get crumpled amid its massive circulation among the people. In some cases, some bills even have cuts while others look very old and can easily be torn.

Recently, a photo of the new design for the P1000 bill circulated on social media. In the said new design, the World War 2 heroes Jose Abad Santos, Josefa Llanes Escoda, and Vicente Lim were replaced by the Philippine Eagle.

Many people expressed disagreement on replacing the World War 2 heroes with the Philippine Eagle. Some netizens also pointed out that the name of the bird must be corrected from Pithercophaga jefforyi to the italicized Pithercophaga jefferyi.

Bangko Sentral ng Pilipinas previously clarified that the photo of the banknote which circulated online was just a sample and corrections were made underway. Amid the new design circulating online, there are questions on the value or usage of the old banknote.

Recently, Malacañang spoke on the queries and assumptions regarding the P1000 bill. Based on a report on ABS-CBN News, the old P1000 banknote will remain in circulation and will not be demonetized. The Palace also expressed that the new design bearing the Philippine Eagle is meant to check if the polymer is more secure, hygienic, and environment-friendly compared with the abaca which is the material used in the old banknote.

Malacañang stressed that the new P1000 bill design is intended for “test circulation”. The explanation came amid assumptions of some lawmakers and historical groups that the changing of the design is in line with revising the history.

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