Look: New 1,000 Philippine peso banknote unveiled

The Bangko Sentral ng Pilipinas (BSP) unveiled on Wednesday (April 6) the new 1,000 Philippine peso banknote. The polymer banknote features the Philippine eagle, considered its national bird. Polymer banknotes are made from synthetic polymer and are able to incorporate security features that are not available in paper banknotes, such as special inks, clear areas and metal strips. Philippine President Rodrigo Duterte led the presentation of the 1,000-peso banknotes in a ceremonial program at the Reception Hall in Malacañang Palace on Wednesday. According to the BSP, the first batch of the new Philippine peso banknotes is scheduled to arrive in the country this month from Australia. BSP and the Reserve Bank of Australia, and its subsidiary Note Printing Australia, reached an agreement for the production of the polymer P1,000 banknotes. It will begin circulating in mid-2022 together with the paper banknotes. The BSP is pushing for the use of polymer banknotes since it is less susceptible to viral and bacterial transmission, and can be sanitized without damaging the banknotes. Polymer banknotes are harder to be counterfeited due to the complexity of the printed images and the advanced technology used in incorporating security features. It is also more durable and could last up to four times longer than paper money since it is water-resistant and dirt-resistant. Overall production costs for polymer banknotes are also lower apart from being more sustainable and environment friendly due to lower carbon footprint, lower water and energy usage, and less environmental toxicity. The BSP also notes that the P1,000 banknote is widely circulated in the country, comprising 30 percent of Philippine money in circulation. Between 2022 and 2025, approximately 500 million P1,000 polymer banknotes amounting to P500 billion will be in circulation. CAM/Expat Media
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