Proposal to Remove P500 and P1,000 Bills to Curb Corruption Filed by Finance Secretary
Ex-Finance Secretary Cesar Purisima has suggested the removal of P500 and P1,000 bills from circulation to eliminate corruption.
Purisima has suggested a bold move that could change how Filipinos use money every day. He proposed removing the P500 and P1,000 bills from circulation and making the P200 bill the highest denomination in the country.
According to him, this step could help limit corruption. Large sums of cash are often easier to hide or transport when high-value bills are available. But if the biggest bill in circulation were only P200, anyone attempting to stash away illegal money would face a much bigger challenge.
Storing and moving huge amounts of cash would require more space, more containers, and more effort, making corruption more difficult to keep under wraps.
The suggestion came after a recent revelation from a government engineer who admitted to delivering around P1 billion in cash stuffed into suitcases to a lawmaker’s staff.
Purisima pointed out that if the highest bill were P200, that same amount of money would have filled over a hundred suitcases and needed multiple vehicles to carry, creating a trail too large to ignore.
The idea is not without its challenges. Many Filipinos are used to using P500 and P1,000 bills in daily transactions, especially for bigger purchases or payments. Removing them would mean carrying more cash, which might be inconvenient for ordinary citizens.
On the other hand, Purisima believes that the inconvenience is a small price to pay if it can discourage massive graft and corruption.
“Now imagine if the largest bill in circulation were only P200. That same P1 billion would have needed 100 suitcases, a convoy of vehicles, and a warehouse just to store the cash,” Purisima said.
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