President Ferdinand R. Marcos, Jr. (left) and Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. applaud the First Philippine Polymer Banknote Series during its launch in Malacañang on 19 December 2024. (Photos courtesy of BSP)
QUEZON CITY, (PIA) — The Bangko Sentral ng Pilipinas (BSP) presented the new polymer banknote series to the President.
President Ferdinand R. Marcos, Jr. received the “First Philippine Polymer Banknote Series” from Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr.
“The first Philippine Polymer Banknote series, which includes the 1000-, 500-, 100-, and 50-piso denominations, marks a historic moment for our country. It builds on the success of the 1,000-piso polymer note introduced in April of 2022 and aligns with the global best practice of updating currency features every 10 years,” President Marcos, Jr. said.
The President added that polymer banknotes are designed to keep up with the demands of everyday life.
“Unlike paper bills, which wear out after about a year or a year and a half, polymer banknotes can last up to seven and a half years, five times longer. And that means that we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment.”
The polymer series showcase the Philippines’ rich biodiversity and cultural heritage. They feature images of native and protected species in the country alongside traditional local weave designs.
BSP Governor Remolona said “the polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride.”
According to BSP, the polymer banknote series will co-circulate alongside paper banknotes. Both polymer and paper banknotes can be used for payments.
Polymer banknotes are smarter, cleaner, and stronger. Smarter because they have advanced anti-counterfeiting features and a smaller carbon footprint. Cleaner because viruses and bacteria do not survive as long on polymer than on paper. Stronger because polymer banknotes have a longer lifespan than their paper counterparts.
The new polymer banknote series will be available in limited quantities in the Greater Manila Area starting December 23, 2024, and in the rest of the country shortly thereafter. The new denominations of the polymer series initially may be withdrawn over the counter in banks. Later, the 500- and 100-piso polymer banknotes will also be available through automated teller machines (ATMs).
Each polymer banknote denomination features unique, native, and endangered Philippine species, along with cultural elements that celebrate the country’s heritage:
- 1000-piso: Philippine eagle and sampaguita flower
- 500-piso: Visayan spotted deer and Acanthephippium mantinianum
- 100-piso: Palawan peacock-pheasant and Ceratocentron fesselii
- 50-piso: Visayan leopard cat and Vidal’s lanutan
The series also preserves notable elements from the paper banknotes, highlighting the Philippines’ natural beauty and artisanal crafts:
- 1000-piso: Tubbataha Reefs Natural Park, South Sea pearl, and the T’nalak weave design
- 500-piso: Puerto Princesa Subterranean River National Park, blue-naped parrot, and southern Philippine weave design
- 100-piso: Mayon Volcano, whale shark, and Bicol Region weave design
- 50-piso: Taal Lake, native maliputo fish, and Batangas embroidery design
Polymer banknotes will be easily recognizable since they match the size and color of their paper equivalents. They also have accessibility features, such as the highly embossed tactile dots on the top long edge of the polymer banknotes, intended to assist the elderly and persons with vision impairment.
The BSP periodically updates the material, design, and security features of Philippine banknotes to deter counterfeiting
Likewise, central banks around the world change the designs of their banknotes for various reasons, including security against counterfeiting. Many change them about every 10 years. The Philippines’ existing New Generation Currency Series first went into circulation more than 10 years ago. (BSP/JEG/PIA-NCR)
