BSP: New P1,000 banknotes with Philippine eagle design not for sale
The Bangko Sentral ng Pilipinas (BSP) has reminded the public that their new P1,000 banknote with a Philippine eagle design must not be sold, traded, or bought for any other amount than its face value.
The advisory comes after the BSP started the initial rollout of the P1,000 banknote by the fourth week of April 2022.
As of writing, the new bill is being circulated alongside the old design and can be collected through bank tellers and over-the-counter transactions. ATM and cash-processing machines are still being calibrated to properly count and dispense the banknote, said BSP.
Both P1,000 banknotes can be used for payments and transactions.
The new P,1000 bill features a Philippine eagle in lieu of the country's World War II heroes José Abad Santos, Vicente Lim, and Josefa Llanes Escoda. The shift is in line with BSP's initiative to promote sustainability by featuring the country's flora and fauna.
The bill is also made out of water- and dirt-resistant polymer material instead of cotton and abaca. Aside from the sustainability factor, BSP the new material is also less prone to counterfeiting due to its added security features.
"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," BSP said.
The BSP is expected to circulate 500 million copies of the new bill.
