Eli Remolona, Governor of the Sentral Bank ng Pilipinas, described the idea of demonetizing the banknotes of 500 and 1000 pisos to fight corruption as a “tantalizing proposal” but expressed caution, saying that it may have negative consequences for the public.

Remolona cautioned that such a move could be more damaging than beneficial.

The Central Bank has recently issued Circular 1218 which mandates that any bank transaction of PHP500,000 or more must be conducted by check or online payment.

Source: finchecknews.ph