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Benjamin Diokno, Governor of Bangko Sentral ng Pilipinas, announced that an agreement has been reached with Note Printing Australia, a whole owned subsidiary of the Reserve Bank of Australia, for the production of polymer banknotes.
An order of 500 million pieces of 1,000 piso notes will be delivered in April 2022. These will be released to circulation in mid-2022, and will be tested during three years.
Critics have mentioned the fact that polymer substrate is better suited for low denomination notes, such as the 20 and 50 piso; but the Central Bank has mentioned that 1,000 piso notes make 30% of circulation, and are the most counterfeited, which will be harder to do on polymer notes.
The design of the new polymer note (PHP1,000.3) will be similar to the current paper note.
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