MANILA, Philippines — Former Finance Secretary Cesar Purisima has urged the government to scrap the P500 and P1,000 bills, advocating for smaller denominations instead. He explained that using smaller bills would make it more difficult for corrupt officials to stash or move illicit cash.
Purisima stated on Wednesday that reducing the highest denomination in circulation to P200 would increase the logistical cost of hiding graft money, thereby discouraging corruption.
