Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the current P1,000 notes featuring the three heroes of World War II Josefa Llanes-Escoda, Jose Abad Santos, and General Vicente Lim will still be in circulation even with the launch early next year of the first batch of P1,000 polymer notes made in Australia.
HOLD on to those P1,000 bills featuring the World War II heroes since they would not be demonetized and will still be in circulation while the polymer with a new design (Philippine flora and fauna) will be launched next year.
This as Bangko Sentral ng Pilipinas Governor Benjamin Diokno explained that “heroes will remain heroes whether they are in the notes or not.”
The P1,000 paper banknote featuring Jose Abad Santos, Vicente Lim, Josefa Llanes Escoda will remain in circulation alongside with the new 1,000-peso polymer banknotes,” Diokno said.
“Under my watch, there will be no demonetization of any denomination. The BSP will continue to print the existing P1,000 paper banknotes feature the three heroes even as we circulate the 1,000-piso polymer banknotes,” he added.
Diokno last Saturday unveiled the design for the polymer P1,000 bills that will be in limited circulation by mid-2022.
The polymer bills feature the Philippine eagle as the design of its front side, a departure from the current banknotes which have the three heroes.
“It depicts strength and freedom of Filipinos as well as independence and clear vision of the BSP to help achieve a better and more inclusive economy,” Diokno said.
The BSP’s new design for the P1,000 bill was met with criticism from different organizations and even lawmakers as they said removing heroes from banknotes could contribute to the historical revisionism already happening in the country, BusinessWorld said.
The current P20, P50, P100, P200 and P500 bills in circulation feature former presidents Manuel L. Quezon; Sergio V. Osmeña, Sr.; Manuel A. Roxas; Diosdado P. Macapagal; and Corazon C. Cojuangco together with his husband Senator Benigno S. Aquino, Jr., who was assassinated during the administration of the dictator Ferdinand E. Marcos.
Diokno said featuring flora and fauna in banknotes will also promote the country’s culture.
“Like the heroes’ theme, the flora and fauna theme will also demonstrate our pride and distinction as a people and a nation. It will remind us of our nation’s commitment to ensure a sustainable future for everyone,” he said.
Diokno earlier said central banks around the world improve the designs of their banknotes every 10 years on average.
The current series of Philippine banknotes first went into circulation more than 10 years ago.
Diokno said they will assess from the trial circulation of the polymer bills whether they will use the material and design for wider distribution, considering the lifespan of the banknotes in local conditions.
The BSP partnered with the Reserve Bank of Australia (RBA) for the pilot testing of the polymer bills. These notes will be delivered by RBA’s subsidiary by April next year.
Some countries that have used polymer for their banknotes include Canada, Australia, New Zealand, Malaysia, Vietnam, Mexico, and Fiji.
Lawmakers’ probe
Lawmakers from the progressive Makabayan bloc are seeking an investigation at the House of Representatives into the removal of World War II heroes in the new design of P1,000 banknote.
“Banknotes represent not just a country’s tourist attractions but what a nation holds dear and serves as a constant reminder to its people. Eliminating our heroes from them is a way of erasing them from the Philippine psyche,” the resolution said.
Diokno denied claims it is “abandoning” the heritage of Philippine heroes after publishing the design of the 1000-piso polymer banknotes replacing the heroes with a Philippine eagle.
“Like the heroes’ theme, the flora and fauna theme will also demonstrate our pride and distinction as a people and a nation. It will remind us of our nation’s commitment to ensure a sustainable future for everyone. So, the flora and fauna theme will apply to the 1000-piso banknote as approved by the monetary board,” he added.
The delivery of the first batch of 1000-piso polymer notes from Australia will be in April next year. It will then be circulated to the economy in mid-2022.
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