Metro Manila (CNN Philippines, April 26) — An initial ten million pieces of the new ₱1,000 polymer banknotes were released to banks for circulation, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
These banknotes represent 2% of the total polymer banknotes to be circulated, the BSP said, adding that 500 million more banknotes will be released next year.
The central bank said the new ₱1,000 polymer banknote has ‘more intricate designs’ and ‘stronger security measures.’
BSP Governor Benjamin Diokno reiterated banknotes and coins in circulation will be not demonetized during his term which will end in July 2023.
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