Ex-finance chief pushes for smaller peso bills to curb corruption

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MANILA, Philippines — Former Finance Secretary Cesar Purisima has called on the government to scrap the P500 and P1,000 bills, arguing that smaller denominations would make it more difficult for corrupt officials to stash or move illicit cash.

Purisima stated on Wednesday that reducing the largest note in circulation to P200 would increase the logistical cost associated with hiding graft money, thereby helping to curb corruption.

https://business.inquirer.net/548740/ex-finance-chief-pushes-for-smaller-peso-bills-to-curb-corruption

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