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BSP releases new design of P1,000 bill

The Bangko Sentral ng Pilipinas (BSP) on Saturday released a new design of the P1,000-denominated banknote.

“For the record, here’s how the new P1,000-piso would look like. It was designed by BSP and approved by NHI (National Historical Institute). Its issuance has been approved by the Monetary Board and the  Office of the President,” BSP Governor Benjamin Diokno told reporters in a Viber group message.

The new design of the P1,000 banknote, which will be for the limited polymer bills to be released next year, features the Philippine eagle in front, replacing heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.

Asked why the personalities in the banknote were replaced in the new design, Diokno said, “The new series will focus on fauna and flora in the Philippines.”

“Target release will be on the fourth week of April 2022,” the central bank chief said.

To recall, the BSP said early this month that the first batch of polymer P1,000 banknotes would be delivered in April next year

The Philippine central bank tapped Reserve Bank of Australia and its wholly-owned subsidiary Note Printing Australia for the production of the polymer banknotes.

In October, the BSP announced its plan to test-circulate “a few million” pieces of the polymer P1,000 banknote next year.

The test circulation of the P1,000 polymer banknotes will run from 2022 to 2025, according to BSP Deputy Governor Mamerto Tangonan.

“We’re authorized to release 500 million pieces of P1,000 polymerized banknotes,” Tangonan previously said.

The BSP is pushing for the adoption of polymer-based banknotes, as these are said to be more hygienic and sanitized, more sustainable and environmentally friendly, more durable, and more cost effective.

The polymer banknotes will also have additional security features which will make them difficult to counterfeit.

Citing the experience of other countries, Tangonan said polymer banknotes could withstand extreme temperatures and could last 2.5 to 4 times longer than paper money.

These are also water- and dirt-resistant, more conducive to wet market conditions, and could reduce production costs by 25%. —KG, GMA News