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June 22, 2024

BSP taps banks to circulate polymer P1,000 bills

The Bangko Sentral ng Pilipinas (BSP) has tapped banks to help circulate the polymer version of the P1,000 banknotes after a limited quantity released last week.

The central bank has initially made available 10 million pieces of the polymer banknotes to the public, equivalent to 0.7 percent of the estimated combined number of 1000-Piso paper and polymer banknotes in circulation.

A total of 500 million pieces of polymer banknotes is expected to be circulated alongside the P1,000 paper banknotes by 2023.

BSP Governor Benjamin Diokno has repeatedly stated that there will be no demonetization of currently circulating banknotes and coins during his term.

Prior to release, the central bank conducted technical briefings for bank personnel, machine suppliers, and cash-in-transit service providers to educate them on the design and security features of the polymer banknotes.