On the weekend of August 13-14, 2022, BSP (Bangko Sentral ng Pilipinas) Governor Felipe M. Medalla announced that a new 500-peso polymer banknote will be issued in 2023, but "given the supply schedule (of the 1000-peso banknote), the polymer 500 will not be available before the end of June [2023]."
The central bank plans to circulate more polymer banknotes in different denominations such as 500 pesos and 100 pesos in the future, especially if the public will adapt well to the first batch of polymer banknotes.
The BSP decided to circulate polymer banknotes for its hygienic and sanitary values, and it is also significantly cleaner. These are important features for a banknote, especially during a pandemic. Polymer banknotes also have enhanced security and harder to counterfeit. The substrate is durable because it has a longer lifespan and is cost-effective since it is economical in the long term. It is likewise environment-friendly because it is recyclable.
More details were also announced about the current polymer 1000-peso banknote:
- The BSP paid Note Printing Australia P3.7 billion to produce, supply and deliver 500 million pieces of 1000-peso polymer banknotes. (The BSP currently has no capacity to produce polymer banknotes in its printing facility in Quezon City.)
- 10 million pieces were initially released in April 2022, part of the 500 million pieces that BSP will circulate through 2023.
- The next batch of polymer banknotes will be released in October 2022, which will continue until June 2023. The BSP will circulate 490 million banknotes during this period. This will bring the share of 1000-peso polymer banknotes in circulation from 0.7 per cent today to 31.9 percent.
It is also interesting to note that the removal of the people from the 1000- and 500-peso banknotes is purported to have political overtones. Ferdinand Marcos Jr. was elected as the new President of the Philippines in May 2022.
- The Philippine eagle (pictured on the 1000-peso banknote) is a symbol widely linked to former Davao City Mayor Sara Duterte-Carpio, the running mate of Ferdinand Marcos Jr. and current vice-president of the Philippines. Portraits of World War II heroes, Josefa Llanes Escoda, Vicente Lim and Jose Abad Santos were removed from the banknote.
- The current 500-peso banknote features portraits of the late Sen. Benigno "Ninoy" Aquino Jr. and the late former President Corazon Aquino, political rivals of the Marcos family. Supporters of the Marcos family have long proposed the change to the 500-peso banknote's design.
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