Update on Circulation of New P1,000 Banknotes in PH Featuring the Philippine Eagle
NEW P1,000 BANKNOTES – Bangko Sentral ng Pilipinas (BSP) announced the starting date of the circulation of the new P1,000 bills in the Philippines.
One of the things that Bangko Sentral ng Pilipinas (BSP) spearheads every once in a while is the coming up of bills that will circulate in the country. It can be a production of the bills of the same design or coming up with new ones.
Recently, the Central Bank once again led the coming up of new P1,000 banknotes to be used in the country. The launch was led by President Rodrigo Roa Duterte, BSP Governor Benjamin Diokno, and Department of Finance Secretary Carlos Dominguez III.
Prior to the launch, the new P1,000 polymer bills were presented to the President for inspection. In the new design, the images of the three (3) World War 2 heroes were replaced by an image of the Philippine eagle.
The new bills were made of polymer and not abaca. According to BSP Gov. Diokno, it is more environment-friendly, cost-effective, and hygienic. He also expressed that it makes counterfeiting more difficult and costly.
With regards to the removal of the image of the three (3) World War 2 heroes (Josefa Llanes Escoda, Vicente Lim, and Jose Abad Santos) in the new P1,000 banknotes, BSP expressed that they did not consult the National Historical Commission as the new bills have no historical element. Also, the Central Bank stressed that the current bills that contain the image of the three World War 2 heroes will continue in circulation.
Based on a report on ABS-CBN News, BSP expressed that the circulation of the new P1,000 banknotes featuring the Philippine eagle will start on April 18. It will first be available for over-the-counter bank transactions.
Diokno expressed that banks still need to reconfigure their automated teller machines (ATMs) and the machines may be able to dispense the new P1,000 polymer banknotes possibly in the next six (6) months.
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