MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) announced on April 26 that it has begun the release of the “smarter, cleaner, stronger” P1,000 polymer bills featuring the Philippine Eagle.
For its initial rollout, 10 million pieces of the polymer bills, which is 2% of the total new banknotes to be circulated, have been released to banks and automated teller machines (ATM).
According to BSP, technical briefings for bank personnel, machine suppliers, and cash-in-transit service providers have been conducted to educate them on the new banknote’s design and security features.
BSP reminded the public that the 1000-piso polymer bill is only worth its face value and should not be sold, traded, or bought for any other amount.
This move by the BSP aims to strengthen response to counterfeiting, to address public health and safety concerns brought about by the pandemic, and to promote environmental sustainability.
The following advantages of these polymer bills address the given objectives:
- Its advanced technology and more intricate designs with stronger security measures make counterfeiting more difficult
- Can be sanitized with less risk of damage
- Smaller carbon footprint (requires less water and energy for production)
- Can last at least 2.5 times longer than paper banknotes as they are resistant to water, oil, dirt, and general wear and tear
- Can be recycled into other useful forms
The security features on the new P1,000 bill are:
- Sampaguita clear window
- Serial numbers
- Shadow thread
- Vertical clear window
- Metallic features
- Blue iridescent figure
- Polymer substrate
- Tactile dots
- Embossed prints
- Flying eagle
- Enhanced value panel
As for the design, the Philippine Eagle is featured on the obverse side, symbolizing the Filipino people’s strength, courage and love for freedom.
The Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak Weave design can be found on the reverse side, representing the country’s rich natural resources and cultural heritage.
As for the current version of the P1,000 bill, BSP Deputy Governor Mamerto Tangonan said, “We are not going to cease the current circulation of the P1,000 banknote featuring the images of our three great heroes. So this will continue to get circulated.”
BSP’s Benjamin Diokno also reiterated that there will be no demonetization of currently circulating banknotes and coins during his term.
By 2025, approximately 500 million P1000 polymer banknotes will be in circulation.