Philippines considers destroying unissued 2,000-piso note


According to an article in mb.com.ph dated 20 September 2010, the Bangko Sentral ng Pilipinas (BSP) is considering circulating or shredding five million 2,000-piso (US$45.50) banknotes currently stored in its vaults. These unissued “New Millennium” notes are more commonly known at the BSP as "Erap" notes because the front features the inauguration of President Joseph "Erap" Estrada at Barasoain Church in Bulacan on 10 June 1998. Printed in 2000, the notes were to circulate in 2001, but President Estrada was ousted from office that year. Even if the bulk of the notes are destroyed, the BSP is considering saving 50,000 pieces which would be demonetized for “historical, educational, numismatic and other purposes.” The BSP currently sells a larger version of this denomination as a centennial commemorative note (P189, shown above).