Media and Research - Press Releases
BSP Statement on the 1000-Piso Polymer Banknote
December 10, 2021
The Bangko Sentral ng Pilipinas (BSP) has scheduled the circulation of the 1000-piso banknote made of polymer in April 2022.
The United Kingdom, Canada, and Australia, among other countries, have reported better performance of polymer banknotes compared to paper counterparts in terms of promoting public health and hygiene, enhanced security, durability and cost-effectiveness, and environmental sustainability.
The design of the new 1000-piso polymer banknote features the Philippine eagle, which symbolizes clear vision, freedom, and strength. This is the first note in a new series of Philippine currency that will focus on the country’s rich flora and fauna.
The BSP clarifies that the recently circulated photo of the new banknote was of a sample previously sent to the BSP for review. Necessary corrections have already been made, including the spelling and italicizing of the scientific name of the Philippine eagle.
The issuance of the new 1000-piso polymer banknote has already been approved by the Monetary Board and the Office of the President.
Said denomination was selected in view of the high number of 1000-piso banknotes in circulation compared to other notes. It is also the subject of the highest number of counterfeiting attempts, although it has the largest number of security features and is, thus, the most difficult banknote to forge.
The BSP will continue to update the public on developments on this matter.