The controversial and the country's first polymer banknote made another news by winning the prestigious "Bank Note of the Year Award" for the year 2022 by the International Bank Note Society (IBNS).
The IBNS said, as quoted:
"The Philippines Central Bank “Award winning banknote” was printed by the Reserve Bank of Australia and its wholly-owned subsidiary Note Printing Australia. Polymer represents a dramatic shift from the cotton and abaca material previously used. The face of the note features two Philippines symbols, the critically endangered Philippine eagle and the holographic Sampaguita, national flower of the country. The back design of the note is unchanged from the previous 1000 Piso issue which features Tubbataha Reefs Natural Park (UNESCO World Heritage Site), country map, and South Sea pearl." source
History
In mid-2021, the Philippines' central bank announced a new polymer banknote with a new design that will replace the old paper bills. By the month of April 2022, the Bangko Sentral ng Pilipinas (BSP) had begun releasing the new polymer banknote. This will be used alongside the old paper bills.
Controversy
Last year, some netizens posted on social media and shared by many that the new 1,000 bill was not accepted in a major retail store because it was folded.
There was also a video circulated that said folding the new banknote would incur a fine and jail time.
The fear of using the new bills was settled when the BSP issued an advisory and guidelines for using the new 1,000 peso bill. The BSP said that establishments must honor the bills even if they are folded or have creases.
On the other hand, fines and jail time for folding the banknote only refer to the old laws that said, as quoted:
"That it shall be unlawful for any person to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines; and
That any person who shall violate this Decree shall, upon conviction, be punished by a fine of not more than twenty thousand pesos and/or by imprisonment of not more than five years." source
Quick Feature:
Issuer: Philippines
Year: 2022
Value: 1000 Piso
Composition: Polymer
Size: 160x66 mm
