In 1944, due to hyperinflation caused by the ongoing event of World War II, the Japanese were forced to issue higher denominations of their fiat peso. The banknotes ceased on becoming legal tender after the liberation.
The Central Bank of the Philippines introduced the one thousand peso denomination in December 1991. The note features the portraits of former Chief Justice José Abad Santos; Josefa Llanes Escoda, civic worker and one of the founders of the Girl Scouts of the Philippines; and Vicente Lim, a general in the Philippine Army who was the first Filipino graduate of West Point. The three are considered heroes of the resistance against the Japanese occupation of the Philippines. The obverse also features the eternal flame and laurel leaves. The note is predominantly blue in color. The reverse features the Banaue Rice Terraces, Manunggul Jar cover and Langgal, representing the three islands of the Philippines. This is also the only note for the series that features the Optically Variable Ink, which was used on the "1000" on the lower left side of the obverse. After the creation of the "Bangko Sentral ng Pilipinas", its new logo was incorporated on all the New Design series bills in 1993. In 1998, the year of printing was added at the bottom of the denomination value located at the upper left corner of the obverse. In 1999, the signature of the Philippine president was moved slightly to the left to accommodate the names of the signatories on the bills and added them starting with banknotes featuring the signature of President Joseph Estrada. In 2001, additional security features were added, such as the Optically Variable Ink used in the "1000" on the lower left side which was enhanced. Other features that were added are the security thread on the right side and the fluorescent printing on the left side across the portrait. Also, the signatures of President Gloria Macapagal-Arroyo and BSP governor Rafael Buenaventura were introduced earlier than the features mentioned above which makes the only banknote with the 2001 year mark to not feature the signature of President Joseph Estrada.
The portraits of Abad Santos, Escoda, and Lim were revised, and a scene from the Centennial celebration of Philippine independence was added on the lower left and an image of the Order of Lakandula medal in the lower middle. The reverse now features the Tubbataha Reefs Natural Park and the South Sea pearl. In 2017, an updated version of the 1000-peso banknote was with changes in the font size of the year of issue and the italicization of the scientific name on the reverse side. The image of the Order of Lakandula and its description on the front side of the note were also removed. In 2018, additional security features in the 1000 peso note, a blue 5mm-wide "3D security thread". In 2020, an "enhanced" version of the 1000 peso "New Generation Currency" banknote was released. Four notable changes were made. First, it added color-changing indegenous patterns to the security threads. Second, a rolling bar effect was also added in the 1000 located at the upper-left corner. Third, the 1000 number located at the bottom-left were added with a color-changing feature depending on what angle it is tilted. Finally, ten tactile marks were placed for the elderly and the visually impaired, five tactile marks were placed on the extreme left and right side of the front of the note.
Commemorative issues
Throughout its existence, the one thousand peso bill have been overprinted to commemorate certain events, namely:
''60 years of Central Banking'' commemorative bill
On July 9, 2009, the Bangko Sentral ng Pilipinas introduced 12 million banknotes with an overprint commemorating 60 years of central banking. The overprint appears on the watermark area on all six circulating denominations.
