MANILA - The new P1,000 polymer banknote will start circulation on April 18th but through over-the-counter transactions from banks, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Thursday.
The more durable plastic bill was presented to President Rodrigo Duterte for inspection on late Tuesday ahead of its circulation.
Diokno said it would first be available over-the-counter since banks still need to reconfigure their automated teller machines (ATMs) to dispense the plastic money.
“This will be available on April 18th, and this will initially be through over the counter. Maybe in 6 months time you will see it in your ATMs," Diokno said.
The new bill will be circulated alongside the abaca banknotes, the central bank said.
Diokno said ATM reconfiguration could be up to a year.
The BSP earlier said the use of plastic or polymer is more hygienic and cost-effective since it could last longer than paper bills.
Members of the Philippine fiber industry, who bat for the continued use of abaca in banknotes, however, dispute this saying abaca is also durable.
The new P1,000 also features the Philippine National Eagle, replacing three notable World War 2 heroes, despite the opposition of historians.