The new face of the 1000 Philippine Peso Bill is currently open into circulation on April 22 this year. There have been significant changes in the said note, as the major components of the front and back have been changed. The old 1000 Philippine Peso Bill is faced with our three heroes, Josefa Llanes Escoda, Jose Abad Santos, and Vicente Lim.
There has been a constant battle on why the need to change the given face of the 1000 Philippine Peso Bill, as they worked and have provided so much to be honorable in being the face of the said 1000 Philippine Peso Bill. Who exactly are these fallen heroes, and what have they done to bring honor to our country?
Thirty years ago, the Bangko Sentral ng Pilipinas (BSP) produced a new denomination, the 1000-peso bill. It would be the highest Philippine money denomination. The bill's front side showcases the pictures of World War II heroes Chief Justice Jose Abad Santos, Girl Scouts of the Philippines founder Josefa Llanes Escoda, and Armed Forces of the Philippines Brigadier General Vicente Lim were included.
The Fallen Heroes:
Jose Abad Santos was born in Pampanga on February 19, 1886, and grew up during the Philippine Revolution against Spain. Abad Santos was among the first generation of Filipinos to study at American universities, earning a law degree and working as a legal counsel for the Philippine National Bank and the Manila Railroad Company. From 1922 to 1923, he served as Secretary of Justice under several American Governors-General, the first of whom was Governor-General Leonard Wood. President Manuel L. Quezon appointed Abad Santos to the position of Secretary of Justice for the third time in 1938, after he had earned the trust of the president for his exceptional legal knowledge and steady temperament. President Quezon had sought his guidance on a number of occasions, and Abad Santos was also the principal writer for President Quezon's speeches and remarks. Manuel L. Quezon, Sergio Osmea, and Manuel Roxas are among the country's greatest leaders throughout the Commonwealth era. All had illustrious political careers, had risen to power in both the legislative and executive branches, and had served as President. Nonetheless, none of them were afforded the beautiful martyrdom of Jose Abad Santos, who died in defiant devotion to the country. While his tenure as Chief Justice was brief, and his stint as acting President has often been relegated to dusty history books, Jose Abad Santos is an exemplar of commitment to the Filipino people to those who look to his life, patriotism, and noble sacrifice. His works and energy are now being celebrated on February 19, and he was previously often seen as one of the faces of the old 1000 Philippine Peso Bill.
Pepa, as she was affectionately known, was born on September 20, 1898, as Josefa Llanes y Madamba, the eldest of Mercedes Madamba and Gabriel Llanes' seven children. She showed a tremendous commitment to education from an early age, graduating as valedictorian and salutatorian from elementary and high school, respectively. Escoda, a suffragist, was a powerful voice for all Filipinas in politics. She was executive secretary of the National Federation of Women's Clubs in 1923. (NFWC). Escoda campaigned for women's participation in the Philippine government soon after suffrage in this capacity. Her feminist views recognized the power that women had gained with their new civic identity. Escoda's devotion to infant and maternal health was motivated by her teaching background at the University of the Philippines. Escoda returned to her homeland after training with the Boy Scouts in the United States to help build Girl Scout leaders. She was the first executive director of the Philippine Girls Scouts, which she started. She also studied social work in New York before returning home to assist her community once more. From 1941 to 1944, Escoda served as president of the NFWC. Escoda was inspired by the conditions in her nation during WWII and was called to action by the Bataan Death March. She worked with POWs and civilian internees. Even after her husband was apprehended, she continued to deliver personal and medical items to captives in several camps. The Japanese troops apprehended Escoda after years of perilous work. Escoda was imprisoned in Fort Santiago and was executed. Escoda is honored in the Philippines with a portrait on the old 1000 Philippine peso bill; she is one of two women who appear on the banknote. Escoda's legacy is etched in the growth of Filipinas, the field of social work, and the Philippines, and it is worth more than money.
Vicente P. Lim was born in the Philippine city of Calamba in February 1888. During the Spanish-American War, he was a Philippine Normal School in Manila student. Lim's intellectual and athletic abilities were noted by an American teacher at the school, who suggested he seek a scholarship to West Point. The American military bestowed the Legion of Merit upon Lim, while the Philippine military bestowed other awards upon him after his death. He is regarded as a national hero in the Philippines, and his image appears on the country's old 1,000 peso banknote. Lim is most known for creating the Filipino Boy Scouts Association and being a lifelong supporter of Philippine independence.
The New Look of the 1000 Philippine Peso Bill:
The Bangko Sentral ng Pilipinas (BSP) has declared its decision to change the look of the 1000 Philippine Peso Bill last year in the month of December and is now revealing that the new look of the 1000 Philippine Peso Bill will be replacing the country's World War II heroes into our Philippines Eagle and Sampaguita, the national bird and the national flower of our country. While the reverse part is not as much touched but instead renovated its positioning and whatnot, as the Sampaguita and the new coat of arms of the Philippines and the Banko Sentral ng Pilipinas (BSP) logo is seen.
Effects of Print New Money:
The newly released 1000 Philippine Peso Bill shall require the bank to heavily print new money to circulate the old money to return and shall be eradicated. With that, money creation is expected to boost demand for goods and services; it might also lead to a significant spike in inflation if the economic output does not keep pace with demand. As a result, existing goods and services will see substantial price increases as demand grows. Still, supply does not, thus creating a barricade of hindrance in saving and buying your needs, like a great family condominium to make it into your home.
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