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 Bangko Sentral ng Pilipinas introduced the one thousand peso denomination in December 1991 during the presidency of Corazon Aquino and tenure of BSP Governor Jose L. Cuisia Jr.[2] 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 reverse features the Banaue Rice Terraces, Manunggul Jar cover, and Langgal (a mosque), representing the three island groups of the Philippines (Luzon, Visayas, and Mindanao, respectively).

In July 9, 2001, additional security features were added, such as the optically variable ink used for the "1000" on the lower left side of the obverse.

[3] In 2017, an updated version of the 1000-peso banknote was released with changes in the font size of the year of issue and the italicization of the scientific name on the reverse side.

In mid-2021, the Bangko Sentral ng Pilipinas announced that new polymer bills featuring the flora and fauna of the country will be in circulation.

[5][6] Reactions to the design were mixed, with the descendants of Escoda, Abad Santos, and Lim all criticizing the decision as disrespectful to their memory and urging the BSP to retain the three portraits in the new bill.

Each bill also featured a different set of species, also replacing the images of Philippine heroes, which continues to be criticized by civil groups.