Some 300 million pieces of the P1,000 polymer banknotes are expected to be released to the public early in 2023, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said Tuesday.
Medalla made the announcement to reporters in Pasay City, when asked about the current money supply leading up to the Christmas holidays.
“When you look at total physical money circulation, that’s more than P2 trillion so that’s how much physical money there is in circulation of all denominations including coins,” he said.
The design of the P1,000 polymer banknote was released by the central bank in December 2021, featuring the Philippine eagle in front, replacing heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.
Medalla on Tuesday also reiterated that there are enough crispy banknotes and coins for the holiday season, with higher demand recorded from October to December yearly.
“Well usually, we produce a lot more crispy money for the Christmas season. Yes we are, we are ready,” he said.
The central bank earlier this month. presented banknotes bearing the signature of President Ferdinand “Bongbong” Marcos Jr., which will initially represent “a fairly small part” of money in circulation.—AOL, GMA Integrated News