Ex-finance chief: Phase out P500, P1,000 bills to deter graft
MANILA, Philippines — How to deter graft and the theft of people’s money? A former finance chief is proposing a novel safeguard: Demonetize P500 and P1,000 bills, since smaller denominations would make it harder for corrupt officials to stash or move illicit cash. In a social media post, Cesar Purisima, who served as finance secretary