BSP says P1,000 polymer banknotes not for sale

The BSP says it is releasing in phases, starting April 2022. During the initial phase, ATMs and other cash processing machines will be calibrated to properly count and dispense the new 1000-piso polymer banknotes, it says. pic.twitter.com/myhlLkkul9

— Ted Cordero (@Ted_Cordero) April 22, 2022

The Bangko Sentral ng Pilipinas (BSP) on Friday advised the public that the new P1,000 banknotes made of polymer is not for sale as it releases the bills gradually in circulation.

In a statement, the BSP said the polymer banknote “is only worth its face value and should not be sold, traded, or bought for any other amount.”

Early this month, President Rodrigo Duterte led the presentation of the P1,000 polymer banknotes, which features the Philippine eagle on the front and a South Sea pearl on the back. 

The central bank said the new banknotes would be released in phases, beginning April.

“During the initial phase, ATMs and other cash processing machines will be calibrated to properly count and dispense the new 1000-piso polymer banknotes,” the BSP said.

“The 1000-Piso polymer banknote will be circulated alongside the current 1000-Piso paper banknote and both can be used for payments and transactions,” it said.

The Office of the President and the Monetary Board approved the issuance of the new P1,000 polymer banknote, according to the central bank.

“The new 1000-Piso polymer banknote strengthens the BSP’s efforts to respond to pressing public health and safety concerns due to the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting,” it said.

The BSP earlier said that approximately 500 million P1,000 polymer banknotes worth P500 billion will be in circulation between 2022 and 2025. — RSJ, GMA News