The P1,000 polymer banknote was shown to members of the media and representatives from different local government units (LGUs) during the Regional Roadshow on Philippine Currencies and Other BSP-Related Advocacies at the BSP Multi-Purpose Hall here Thursday, June 23.
Jocelyn Ladero, deputy director of the BSP Bacolod branch, said that 2,000 P1,000 polymer banknotes were released to banks here and the province as part of the 10 million banknotes that were initially released on April for national circulation.
Ladero said that these polymer banknotes were very limited as these were allotted only for training and familiarization of banks and cash handlers.
Dr. Gregorio Baccay III, BSP acting bank officer V, said that 100 participants in all 30 banks in this city and the province will undergo cash handling training here.
Aside from banks, Baccay said they are also planning to conduct training and information campaign for retailers, businessmen, tellers of business establishments, and other cash handlers.
Baccay said the first polymer P1,000 polymer banknote is just for test circulation as they are still studying its effects or results. He noted that if the public’s acceptance to the first polymer banknote is very good and if it passes certain environmental parameters, there is a possibility that they will make the other denominations polymer just like New Zealand, Malaysia, and Singapore.
Baccay said the idea of polymer banknotes came before the Covid-19 pandemic, but because of some health concerns, they were delayed.
Despite the circulation of the P1,000 polymer banknote, the BSP said that there will be no demonetization of the current banknotes and coins as of now. “It will co-exist with the paper banknote for now,” Baccay said.
The BSP advised the public that the new P1,000 polymer banknote is only worth its face value and should not be sold, traded, or bought for any other amount.
The P1,000 polymer banknote features the Philippine Eagle, which is one of the world’s most powerful birds of prey and is native to the Philippines. It also features the flora and fauna theme, which demonstrates the pride and distinction as Filipinos.