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Demonitizing large peso notes may harm economy, says BSP
The Bangko Sentral ng Pilipinas (BSP) is studying a proposal to demonetize the P1,000 bill, but Governor Eli Remolona Jr. warns it could cause more harm than good.
Remolona noted that while the proposal is tempting, it could create significant inconvenience for the public due to the widespread use of the P1,000 bill.
The idea of demonetizing P1,000 and P500 bills was suggested by former finance secretary Cesar Purisima as a measure to curb corruption by making it harder for officials to hide and transport illicit funds.
This proposal gained traction following allegations that large sums of cash were transported using multiple vehicles to a congressman amid a Senate probe into anomalous flood control projects.
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