Bangko Sentral ng Pilipinas Governor Benjamin Diokno assured there would be no demonetization of any peso denomination during his term and that the existing 1000-piso paper banknotes featuring the heroes of World War 2 would continue to be printed despite the circulation of the 1000-piso polymer bills.
This coincided with a resolution filed in the House of Representatives seeking a congressional inquiry into the central bank’s decision to remove the portraits of three World War II heroes from the P1,000 bill.
House Resolution 2412 filed by Bayan Muna Reps. Carlos Isagani Zarate, Ferdinand Gaite, and Eufemia Cullamat wants the House committee on banks and financial intermediaries to look into “the removal of Philippine national heroes from the design of the new Philippines banknotes by replacing them with photos of flora and fauna, and, to express the sense of the House of Representatives strongly opposing of the said removal.”
The BSP released a new design of the P1,000 banknote last weekend.
In an event hosted by the governor Monday night for media covering the BSP beat, Diokno said the BSP would not be abandoning the country’s heroes.
“No, we’re not. Heroes will remain heroes whether they are in the notes or not. The 1,000-piso paper banknote featuring [Chief Justice] Jose Abad Santos, [Brig. Gen.] Vicente Lim, and [Girl Scouts founder] Josefa Llanes Escoda will remain in circulation alongside with the new 1,000-peso polymer banknotes,” Diokno said.
“We will not demonetize the existing 1,000-piso paper banknote. Under my watch, there will be no demonetization of any denomination. The BSP will continue to print the existing 1,000-piso paper banknotes featuring the three heroes even as we circulate the 1,000-piso polymer banknotes,” he said.
Cabinet Secretary and acting presidential spokesperson Karlo Nograles also said the new design of the P1,000 banknotes would be released beginning in late April 2022.
Diokno said the Philippine eagle featured in the polymer bills to be test-launched in the second quarter of 2022 is an endangered species and one of the world’s largest, most powerful birds of prey and is native to the Philippines.
“This is not the first time that we are featuring the Philippine eagle in our currency. If you will recall, it was featured in the 50-centavo coin that was in circulation for decades. It was also featured in the 500-peso commemorative coin issued in 2018 to commemorate the 25th anniversary of the BSP,” he said.
Further, he said that even the country’s first known hero Lapulapu was featured in the one-centavo coin decades ago and now he is in the 5,000-peso commemorative note.
“These things are cyclical and we feature our sources of national pride at various times and different denominations. We find the Philippine eagle up for the 1000-peso banknote, the highest denomination, because it depicts strength and freedom of Filipinos as well as independence and clear vision of the BSP to help achieve a better and more inclusive economy,” Diokno said.
Diokno said the 1,000-peso note was the largest denomination in general circulation and it was the most widely circulated banknote in the country.
It is also the subject of the highest number of counterfeiting attempts, although it has the most number of security features and is thus the hardest banknote to forge.
Last weekend, the VFP Sons & Daughters Association, Inc (SDAI), a national association of direct descendants of World War 2 heroes and veterans, expressed its opposition to the new design of the 1000-peso polymer banknote.
“These heroes represent the best in the Filipino: bravery, sacrifice and love for country. They gave their lives for the cause of freedom and democracy. They serve as role-models for our generation today,” the group said.
Lim served in the Battle for Bataan and later organized and helped support the guerrilla movement. He was captured and later executed.
Supreme Court Justice Jose Abad Santos was executed by the Japanese for refusing to cooperate. Escoda, a social worker who fought for women’s suffrage and founder of the Girl Scouts, was also captured and executed in World War II.
“We strongly urge the BSP to reconsider and retain the existing design,” the group said.