BSP defends new design of P1,000 bill

The Bangko Sentral ng Pilipinas (BSP) has defended the release of a new design of the P1,000 bill that features the Philippine eagle and not the heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.

“Heroes will remain heroes whether they are in the notes or not. The 1,000-piso paper banknote featuring Jose Abad Santos, Vicente Lim, Josefa Llanes Escoda, will remain in circulation alongside the new 1,000-piso polymer banknotes,” said BSP Governor Benjamin Diokno on Monday.

“We will not demonetize the existing 1,000-piso paper banknote. Under my watch, there will be no demonetization of any denomination. The BSP will continue to print the existing 1,000-piso paper banknotes featuring the three heroes even as we circulate the 1,000-piso polymer banknotes,” the official added.

Last week, Diokno released the new design of the P1,000 bill, allegedly approved by the National Historical Institute.

The new polymer bills will be tested and released in April 2022. The materials are similar to those used in the currencies of Australia, Canada, Mexico, New Zealand, and the United Kingdom.

“It is also the subject of the highest number of counterfeiting attempts, although it has the most number of security features and is thus the hardest banknote to forge,” said Diokno.

BSP defends new design of P1,000 bill

But some criticized the new P1,000 polymer banknote, such as the loss of the three heroes.

“We believe both are important to cultural preservation and promoting our heritage. Both are worthy of being celebrated through our coins and banknotes,” the official said.

“In the meantime, changing themes are intended to accommodate and celebrate numismatic artistry and dynamism. Like the heroes theme, the flora and fauna theme will also demonstrate our pride and distinction as a people and a nation,” Diokno added.

Earlier, Presidential candidate and  City Mayor Moreno has asked the Bangko Sentral ng Pilipinas (BSP) to reconsider the new design of the P1,000 bill.

Moreno then proposed creating the National History and Culture, which would educate the next generations about the Philippine  and personalities who fought to gain the country’s freedom.

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