MANILA, Philippines — How can we effectively deter graft and the theft of public funds? A former finance chief proposes a novel safeguard: demonetize the P500 and P1,000 bills. The rationale is that smaller denominations would make it more difficult for corrupt officials to stash or move large amounts of illicit cash.
In a social media post, Cesar Purisima, who served as finance secretary, suggested this measure as a practical step toward enhancing transparency and accountability in handling money.
https://business.inquirer.net/549062/ex-finance-chief-phase-out-p500-p1000-bills-to-deter-graft
