It replaces the circulation one, so it isn't Commemorative (so don't get scammed online; there will be millions printed eventually).
Accompanies the new Series G 500 Pesos one introduced last year. The next move is the launch of the main circulation 20 Pesos coin that will replace the now-out-of-print 20 Pesos note. Then the new 100, 50, 1000 and a whole new 2000 Pesos note during the next 2 years.
The Peso has for a time now has been made to have notes of a similar value to the US Dollar ones, and since our 1000 Pesos note is now worth nearly 50 (when 12 yeas ago it was on par with the 100) then the decision to make a 2000 somewhat equal to 100USD one was made.
