MANILA, Philippines — How can we deter graft and the theft of people’s money? A former finance chief is proposing a novel safeguard: demonetize the P500 and P1,000 bills. According to Cesar Purisima, who served as finance secretary, using smaller denominations would make it harder for corrupt officials to stash or move illicit cash.
In a recent social media post, Purisima emphasized that removing these high-value bills from circulation could be an effective measure to combat corruption and promote financial transparency.
https://business.inquirer.net/549062/ex-finance-chief-phase-out-p500-p1000-bills-to-deter-graft
