Bangko Sentral ng Pilipinas Says No Demonetization of Existing P1,000 Banknote

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno upholds the central bank’s decision of replacing World War II heroes, Josefa Llanes Escoda, Vicente Lim, and Jose Abad Santos, with the face of a Philippine Eagle on the P1,000 banknote. Diokno clarified that the BSP will continue to print the existing P1,000 paper banknotes alongside the new P1,000 polymer banknotes.

The bank executive said “heroes will remain heroes” whether they appear on the paper bills or not and there are no demonetization plans as of now. 

The BSP said in a press release last Dec. 11 that the new P1,000 banknote is designed to enhance “security, durability and cost-effectiveness, and environmental sustainability” by using similar materials for printing as those in the United Kingdom, Canada, and Australia.

The BSP has scheduled to circulate the newly designed banknote made of polymer in April 2022. BSP officials shall update the public on future developments regarding this matter.