BSP says new P1,000 plastic bill 'not for sale', only worth its face value

ABS-CBN News

Posted at Apr 22 2022 11:45 AM

The new P1,000 polymer banknote. BSP Handout
The new P1,000 polymer banknote. BSP Handout

MANILA - The Bangko Sentral ng Pilipinas on Friday said the new P1,000 polymer or plastic banknote should not be sold or bought, and was only worth its face value.

The new banknote featuring the Philippine eagle is being circulated alongside the current paper P1,000 bill, and "both can be used for payments and transactions," the BSP said in a statement.

The BSP in April started releasing the P1,000 banknote which was approved by the Monetary Board and the Office of the President. 

During the initial phase, the new bill will only be dispensed through tellers or over-the-counter transactions since banks still need to calibrate ATMs. 

The BSP also earlier warned the public against buying the new P10 coins and enhanced P5 coins online for higher amounts.

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