P1,000 bill with heroes to stay in circulation: Palace
The P1,000 bill featuring three heroes of World War 2 will remain in circulation, Malacañang said on Tuesday, with the central bank poised to release a new design of the bill.
The new design, where the Philippine eagle replaces the heroes, will only be used for "test circulation." This is meant to check whether or not polymer is more hygienic, secure, and environmentally friendly compared to the abaca fiber used in the old design, said Cabinet Secretary Karlo Nograles.
"Iyong P1,000 bill natin that shows the faces ng ating heroes and martyrs na si Jose Abad Santos, si Vicente Lim at si Josefa Llanes Escoda ay mananatiling in circulation naman po," he said in a press briefing.
"Hindi po ma-demonetize ang ating P1,000 bills featuring our three national heroes and martyrs," added Nograles, who serves as acting spokesman for Malacañang.
(Our P1,000 bill that shows the faces of our heroes and martyrs Jose Abad Santos, Vicente Lim, and Josefa Llanes Escoda will remain in circulation. Our P1,000 bills featuring our three national heroes and martyrs will not be demonetized.)
Some historical groups and lawmakers have criticized the new design, while the central bank denied the move was meant to revise history.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the decision was in line with the global trend.
"Kasi pinagaaralan namin, sa ibang bansa ganon ang trend. 'Yung eagle symbolizes the whole country. Isang ibon na endangered," Diokno told TeleRadyo.
(We have studied it. In other country's that's the trend. The eagle symbolizes the whole country. It's one endangered bird)
"Hindi naman natin kinakalimutan ang mga bayanı. Ang mga bayani, bayanı 'yan kahit nasa pera o wala. It was not an attempt to revise history, hindi mo naman mapapalitan ang kasaysayan ng isang bansa," he added.
(We are not forgetting our heroes. They are heroes whether or not they appear on banknotes. It was not an attempt to revise history, history cannot be replaced.)
Authorities also noted polymer lasts 5 times longer compared to paper bills and can also withstand disinfection, especially during the COVID-19 pandemic.
The new P1,000 design in polymer bills will start circulating next year.
Asked if the old design will also be printed on the polymer bills, Nograles said, "Ayaw ko ring pangunahan ano ang magiging desisyon ng BSP."
(I do not want to preempt what the BSP will decide.)