On Apr. 6, 2024, PHI CB issued circular letter to reiterate folded polymer banknotes are still legal tender, should be accepted for payments and other financial transactions.
It explained there is a misconception that folded polymer banknotes lose their value.
Urged PHI CB-supervised financial institutions (BSFIs) to promote the circulation of polymer banknotes by featuring provided information materials in various languages on communication platforms; these materials should be displayed until Mar. 31, 2025.
Document dated Apr. 6, 2024, received from PHI CB Apr. 11, summarized on Apr. 15.
In Jan. 2025, PHI CB issued notice re first polymer banknote series, see #242474.
On Dec. 10, PHI CB scheduled circulation of the 1000-piso banknote.
PHI CB scheduled circulation of the 1000-piso banknote made of polymer in Apr. 2022.
Issuance has already been approved by monetary board and office of the President.
Polymer Banknote
The design of the new banknote features the Philippine eagle, and is the first note in a new series of Philippine currency that will focus on the country’s rich flora and fauna.
Clarifies that the recently circulated photo of the new banknote was of a sample previously sent to PHI CB for review; necessary corrections have already been made.
1000-piso banknote was selected in view of the high number in circulation compared to other notes; it is also the subject of the highest number of counterfeiting attempts.
Apr. 5, 2022 Update
On Apr. 5, 2022, PHI CB presented the 1000-piso polymer banknote in a ceremony.
PHI CB will release the new polymer banknote in phases, starting from Apr. 18, 2022.
Apr. 21, 2022, Not For Sale
On Apr. 21, 2022, PHI CB advised that the new 1000-piso polymer banknote is only worth its face value and should not be sold, traded or bought for other amounts.
The 1000-piso polymer banknote will be circulated alongside the current 1000-piso paper banknote and both can be used for payments and transactions.
During the initial phase, ATMs and other cash processing machines will be calibrated to properly count and dispense the new 1000-piso polymer banknotes starting Apr. 2022.
Apr. 25, 2022 Update
On Apr. 25, 2022, PHI CB began the phased issuance of polymer banknotes to banks.
10mn pieces or 2% of total polymer banknotes have been made available to public.
PHI CB has trained bank personnel, machine suppliers, and cash-in-transit service providers on design and security features of the polymer banknotes.
500mn polymer banknotes will be circulated together with paper banknotes by 2023.
Jul. 5, 2022 Webpage
On Jul. 5, 2022, PHI CB launched new webpage on 1000-piso polymer banknote.
The page contains images of the new polymer banknote from varying angles to provide the public an opportunity to explore its key features and educational materials.
Raise public awareness to safeguard integrity of the currency, promote proper use.
Jul. 10, 2022 Bank Acceptance
On Jul. 10, 2022, PHI CB advised retailers and banks to accept the polymer banknotes.
The public were informed that folded banknotes, whether paper or polymer, can still be circulated and accepted for payment; so retailers and banks should accept them.
If individuals are doubtful of a banknote's legitimacy then they should seek assistance.
Dec. 2022 President Comments
On Dec. 15, 2022, PHI CB shared President Marcos' comments on polymer banknotes.
He mentioned the issuance of the new polymer banknote is smarter, cleaner and stronger, and he looks forward to these polymer banknotes gaining wider public use.
Jan. 13, 2023 Proper Handling of Banknotes
On Jan. 13, 2023, PHI CB issued guidance on the proper handling of the new banknotes, as well as a Philippines currency fitness guide on the notes' features.
The currency fitness guide gives essential information on the visual properties that need to be inspected by cash handlers and the general public to determine legitimacy.
Jan. 26, 2023 Availability of Polymer Banknotes
On Jan. 26, 2023, PHI CB said wider circulation of 1000-piso polymer banknote is expected as it becomes more available in more automated teller machines (ATMs).
By Dec. 2022, 92% of ATMs recalibrated to dispense 1000-piso polymer banknotes.
Up to 7,274 of these polymer-ready ATMs are located in the national capital region.
While PHI CB continues the phased issuance of 1000-piso polymer banknotes, the public, retailers, banks are reminded to accept folded banknotes (paper or polymer).
Folded banknotes are legal tender and can be used for daily payment transactions.
Dec. 2023 Folded Banknotes
On Dec. 1, 2023, PHI CB and other agencies issued advisories to the public that polymer banknotes containing folds, in the amount of 1000-pisos, can still be used.
The public are encouraged to report non-acceptance of folded polymer banknotes.
Apr. 2024 Promotion of Circulation
On Apr. 6, 2024, PHI CB issued circular letter to reiterate folded polymer banknotes are still legal tender, should be accepted for payments and other financial transactions.
It explained there is a misconception that folded polymer banknotes lose their value.
Urged PHI CB-supervised financial institutions (BSFIs) to promote the circulation of polymer banknotes by featuring provided information materials in various languages on communication platforms; these materials should be displayed until Mar. 31, 2025.
Document dated Apr. 6, 2024, received from PHI CB Apr. 11, summarized on Apr. 15.
In Jan. 2025, PHI CB issued notice re first polymer banknote series, see #242474.
