About 10 million pieces of the new P1,000 polymer banknotes were released for circulation to the different banks in the country today, Tuesday, the Bangko Sentral ng Pilipinas (BSP) disclosed.
The initial 10 million pieces are about 2% of the 500 million polymer banknotes that are to be circulated by next year.
The use of the new polymer banknotes has been found to have more intricate designs and stronger security measures, according to the central bank.
However, BSP Governor Benjamin Diokno reiterates to the public that the other banknotes and coins in circulation will not be “demonetized” during his term that is to end by July 2023.