The Bangko Sentral ng Pilipinas (BSP) said the new P1,000 polymer banknotes are not for sale and is only worth its face value after it started circulating the plastic version of the currency last April 18.
“The BSP advises the public that the new 1000-Piso polymer banknote is only worth its face value and should not be sold, traded, or bought for any other amount,” the central bank said in a statement.
According to the BSP, the polymer version of the P1,000 banknote is being circulated alongside the current P1,000 paper bill and both can be used for payments and transactions.
The Office of the President and the Monetary Board approved the issuance of the new 1000-piso polymer banknote, which the BSP is releasing in phases, starting this month.
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 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.