GENERAL SANTOS CITY (PIA) – The Bangko Sentral ng Pilipinas (BSP) highlighted the new polymer banknotes are “stronger, cleaner, and smarter.”
Discussing the characteristics of the country’s new polymer banknotes, BSP Deputy Governor Bernadette Romulo-Puyat described their initiative as part of the BSP’s financial innovation efforts to make the Philippine currency globally competitive.
In a recent interview with the Philippine Information Agency Sarangani-General Santos City (PIA SarGen), Puyat explained that the polymer series, which started with the release of the ₱1,000 denomination in 2022, now includes the ₱500, ₱100, and ₱50 banknotes.
“Base na sa mga research na mas matagal, matibay, smarter, cleaner, stronger. ‘Di ba minsan ang problema, naluluma, pero ito hindi naluluma,” she said.
(Based on research, these banknotes are longer-lasting, more durable, smarter, cleaner, and stronger. Unlike traditional banknotes that wear out over time, these remain in good condition.)
The BSP aims to align with “global practices” by adopting polymer banknotes, ensuring extended usability and better currency management.
Meanwhile, Puyat also clarified concerns regarding the absence of heroes on the new polymer banknotes.
“Lagi naman natin pino-promote ang ating mga heroes at ating flora and fauna. Itong bagong polymer series, flora and fauna,” she explained.
(We continuously promote our national heroes alongside our flora and fauna. This new polymer series focuses on the country’s biodiversity.)
She emphasized that the polymer series showcases indigenous animals and unique biodiversity that are distinctly Filipino, citing the ₱1,000 banknote, which features the Philippine eagle, a species native to the country.
The official assured the public that the traditional paper banknotes will remain in circulation and will continue to be valid alongside the polymer series.
“Hindi dahil na meron ng polymer series, mawawala na ‘yung mga heroes natin. Side by side siya, so hindi madedemonetize. Pwede pang gamitin ‘yung paper bank notes. Gusto lang natin na makatry din tayo ng iba at gusto din natin ma-promote naman ‘yung ating mga indigenous,” Puyat stressed.
(The introduction of the polymer series does not mean the removal of our heroes. Both will coexist, and paper banknotes will not be demonetized. We simply want to explore other options while also promoting our indigenous species.)
Puyat also addressed concerns regarding the absence of a ₱200 polymer banknote.
“Noong nag-survey tayo, kokonti lang ang humihingi ng two hundred kaya yung naisip na uubusin na lang ‘yung two hundred [pesos] kasi wala masyadong humihingi,” Puyat said.
(When we conducted surveys, we found that very few people requested the ₱200 bill. That’s why we decided to phase it out since the demand was low.)
She added that BSP prioritizes the most requested denominations, which are the ₱1,000, ₱500, ₱100, and ₱50 banknotes.
Puyat maintained that the BSP remains committed to strengthening the country’s financial system through collaboration and innovation, ensuring economic stability and sustainable growth for the nation. (HJPF – PIA SarGen)
