NextGen Day

MANILA, Philippines — The first batch of 1,000-peso polymer banknotes will be released on April 18, according to Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP).

“At first, this will be done over-the-counter.” And maybe six months from now, you’ll notice it in your ATMs (automated teller machines). In a video briefing on Thursday, he added, “I understand they (banks) have to modify the ATMs.”

The polymer banknotes will be issued alongside the 1,000-peso paper banknotes, according to Diokno.

He claims that, in the wake of the coronavirus disease 2019 (Covid-19), the use of polymer banknotes is preferable to paper banknotes since the former can be sanitized more readily and with less danger of damage to the banknotes.

The Philippine eagle and Sampaguita will replace the photos of national heroes Jose Abad Santos, Vicente Lim, and Josefa Llanes Escoda on the obverse side of the polymer banknote, according to the BSP, and the Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak weave design will be the same as the current 1,000-peso paper banknote.

Lawyer Sarah Severina Curtis, BSP Banknotes and Securities Production Management Department deputy director, responded to questions about the removal of photos of national heroes from the 1,000-peso polymer banknote by saying that the central bank has been featuring both national heroes and the natural environment on BSP-issued currency for decades.

“The flora and fauna, like the heroes’ theme, represent our pride and identity as Filipinos. It will remind our people of our nation’s commitment and action to secure a sustainable future for everyone, despite the grave challenges of changing climate and accompanying environmental and social concerns,” she said.

“It is impossible for the BSP to erase history,” Curtis remarked, quoting historian and professor Ambet Ocampo.

“Indeed, the central bank is pressing ahead with a redesign in order to maintain the integrity of our currency. Forgers will naturally target the 1,000-peso note because it is the highest denomination bill. “A photograph in front of the note is the first line of defense against counterfeiting,” she explained.

The security measures on the 1,000-peso polymer currency, according to Curtis, were built using advanced technology to prevent counterfeiting.

“We would want to emphasize that no currency will be demonetized during the Governor’s term,” she continued.

In a ceremonial event in Malacaang on Wednesday, Diokno and Finance Secretary Carlos Dominguez III presented President Rodrigo R. Duterte with 50 pieces of uncut 1,000-peso polymer banknotes.

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