The Bangko Sentral ng Pilipinas (BSP) has announced that it will release 300 million pieces of the P1,000 polymer banknote to the public in early 2023. This news was shared by BSP Governor Felipe Medalla during a press conference in Pasay City, where he was asked about the current state of the money supply in the lead up to the Christmas holidays. Medalla emphasized that there is a sufficient supply of crisp banknotes and coins available for the holiday season, which typically sees higher demand from October to December.
The design of the P1,000 polymer banknote was unveiled by the BSP in December 2021 and features the Philippine eagle on the front. This design replaces the images of Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos, which previously appeared on the banknote. The release of the P1,000 polymer banknote is a significant development for the Philippines, as it marks the first time that this denomination has been produced using polymer material. Polymer banknotes are known for their durability and security features, which make them more difficult to counterfeit and easier to handle.
In addition to announcing the release of the P1,000 polymer banknote, the BSP also presented banknotes bearing the signature of President Ferdinand “Bongbong” Marcos Jr. earlier this month. These banknotes will initially represent “a fairly small part” of the money in circulation, according to the BSP. The introduction of the new banknotes is part of the BSP’s ongoing efforts to modernize and improve the country’s currency system.
