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June 24, 2024

BSP holds multi-stakeholder consultation on the plastic P1,000 bill

The Bangko Sentral ng Pilipinas (BSP) recently consulted public and private sector stakeholders to discuss the issuance of the polymer version of the P1,000 banknotes.

The conversation covered ways to enhance the competitiveness of the abaca industry and outlined the public health and environmental sustainability benefits of the shift to polymer.

Monetary Board member V. Bruce Tolentino, BSP Deputy Governor Mamerto Tangonan, and Agriculture Undersecretary Fermin Adriano spearheaded the discussions.

Aside from representatives from the BSP and the Department of Agriculture, officials from the Department of Health, Department of Trade and Industry, DA-Philippine Council for Agriculture and Fisheries, Philippine Fiber Industry Development Authority, and the National Banner Program Committee on High Value Crops – Fiber Crops also joined the consultation.

The BSP is set to start circulating the P1,000 billions on Monday as part of the limited circulation test of 10 million pieces for this year.

After leading members of the Monetary Board in presenting the design of the plastic banknotes to President Duterte last April 6 in Malacañang, BSP Governor Benjamin Diokno said the polymer version of the P1,000 bills would initially be available via over-the-country transactions in banks and through ATMs over the next few months.

The new P1,000 polymer banknotes would be circulated alongside the current P1,000 paper banknotes and both can be used for payments.

The design of the P1,000 polymer banknote features the Philippine Eagle and the Sampaguita on the obverse side; and the Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak weave design on the reverse side.