The First Philippine Polymer Banknote Series (FPPBS), launched by the Bangko Sentral ng Pilipinas (BSP), marks a significant milestone in the evolution of Philippine currency.
Celebrated for its innovative design and advanced security features, the series was awarded the “Best New Banknote or Banknote Series” by the International Association of Currency Affairs (IACA) in Bangkok on 28 May 2025.
The journey of the polymer banknotes represented a bold step in numismatic history, blending advanced technology with cultural pride.
From its origins in the BSP’s 2009 vision to its realization through a partnership with the Reserve Bank of Australia, the FPPBS reflects a meticulous process of design, manufacturing and public engagement.
By highlighting endemic species and sustainable materials, the series not only enhances currency security and durability but also promotes environmental awareness and Filipino heritage.
Historical context, motivation
The transition to polymer banknotes took shape in the early 2000s, with the BSP exploring ways to modernize its currency.
As early as 8 July 2009, the BSP announced plans to replace abaca and cotton-based banknotes with an all-polymer series, citing durability, security and cost-effectiveness.
However, this plan was shelved when the New Generation Currency (NGC) series, still made of abaca and cotton, was released in December 2010.
The NGC series focused on Filipino heroes and landmarks but faced criticism for design errors, such as the exclusion of Batanes from the map and misplacements of natural wonders.
Coupled with evolving global trends toward polymer currency, the BSP was prompted to revisit polymer technology.
Health emergency sparks revisit
The push for polymer banknotes gained momentum in the wake of the Covid-19 pandemic, which heightened awareness of hygiene concerns related to frequently handled objects, such as banknotes. Polymer’s non-porous surface, which is less likely to harbor viruses and bacteria and can be sanitized without damage, became a compelling factor.
Additionally, the BSP aimed to address counterfeiting challenges, promote sustainability through the use of durable and recyclable materials, and highlight the Philippines’ rich biodiversity, shifting its focus away from traditional emphasis on historical figures.
These motivations, hygiene, security, sustainability and cultural representation set the stage for the FPPBS.
Partnership with Reserve Bank of Australia
The development of the FPPBS began with the 1000-piso polymer banknote, released in April 2022 as a pilot run.
This initiative was a collaboration between the BSP and the Reserve Bank of Australia, a global leader in polymer banknote technology since introducing the world’s first polymer note in 1988.
The partnership leveraged Australia’s expertise through Note Printing Australia (NPA), a subsidiary of the Reserve Bank of Australia (RBA), which specializes in producing polymer banknotes for over 40 countries, including Canada, Malaysia and Vietnam.
The decision to start with the 1000-piso denomination was strategic, as it is the most widely circulated denomination in the Philippines, offering a high-visibility test case for public acceptance and performance.
The note featured the Philippine eagle, Sampaguita flower, Tubbataha Reefs Natural Park and T’nalak weave, blending biodiversity with cultural elements.
Its success, as evidenced by awards such as the “Best New Banknote” for 2023 from High Security Printing™ Asia and “Banknote of the Year” for 2022 from the International Banknote Society, validated the BSP’s approach and paved the way for the full series.
Following the 1000-piso note’s positive reception, the BSP expanded the FPPBS to include the 500-, 100-, and 50-piso denominations, unveiled on 19 December 2024, during a ceremony at Malacañang Palace led by President Ferdinand Marcos Jr.
These notes, which began circulating in limited quantities in the Greater Manila area on 23 December 2024, feature endemic and endangered species like the Visayan spotted deer, Palawan peacock-pheasant, and Visayan leopard cat, alongside native flora and regional weave designs.
The BSP opted to skip the 200-piso denomination due to low circulation and phased out the 20-piso note in favor of coins, reflecting practical considerations in currency management.
Manufacturing process
Manufacturing the FPPBS involves a sophisticated process rooted in polymer technology, distinct from traditional paper-based banknote production. While specific details of the production process are proprietary and closely guarded due to security concerns, the general steps and technologies can be outlined based on industry standards and BSP disclosures.
The FPPBS is made from biaxially oriented polypropylene (BOPP), a durable, recyclable plastic substrate. Unlike abaca-cotton blends used in earlier Philippine banknotes, BOPP offers superior resistance to wear, moisture and microbes, with a lifespan two to five times longer than paper notes (up to 7.5 years).
Its smooth, non-absorptive surface also reduces the risk of pathogen transmission, a key consideration following the Covid-19 pandemic.
Design and Security Integration: The BSP, in collaboration with Note Printing Australia, incorporated advanced security features into the FPPBS. These include:
•Dynamic value panel, a feature that shifts visual effects based on light angle, making replication difficult;
•Transparent windows and shadow threads that add depth and transparency, serving as clear authenticity markers;
•Tactile dots and embossed prints, designed for accessibility, aiding the visually impaired in identifying denominations; and
•Color-changing effects which are intricate designs that enhance security by complicating counterfeiting efforts.
These features were seamlessly integrated with aesthetic elements, such as endemic flora and fauna, to strike a balance between functionality and cultural significance.
The designs were carefully curated to reflect Filipino values — clarity and sharpness (Visayan spotted deer on the 500-piso bill), grace (Palawan peacock-pheasant on the 100-piso bill) and independence (Visayan leopard cat on the 50-piso bill) — while showcasing UNESCO World Heritage Sites, such as the Puerto Princesa Subterranean River and Tubbataha Reefs.
The polymer banknotes are printed by Note Printing Australia, leveraging its state-of-the-art facilities. The BSP has not disclosed the exact production volumes beyond the initial 70–90 million pieces per denomination (500-, 100- and 50-piso), but the limited rollout in December 2024 suggests a phased approach to monitor performance and public response.
The FPPBS co-circulates with existing paper banknotes, which remain legal tender. The 1000-piso polymer note was introduced in April 2022, followed by the other denominations in December 2024. The BSP ensured a gradual transition, with initial distribution focused on the Greater Manila area before nationwide rollout. The 500- and 100-piso notes are also available through ATMs, enhancing accessibility.
Challenges, public reception
The shift to polymer banknotes sparked controversy, particularly over the decision to replace portraits of Filipino heroes with images of flora and fauna.
Critics, including Kiko Aquino Dee, a grandson of Ninoy and Cory Aquino, argued that this move diminished the recognition of historical figures.
The BSP countered that paper banknotes featuring heroes would continue to circulate, emphasizing that both biodiversity and historical figures are integral to Filipino identity.
The central bank’s communication campaign, which won IACA’s “Best New Currency Public Engagement Program” in May 2023 for the 1000-piso note, helped address public concerns through education on the notes’ benefits and cultural significance.
The FPPBS’ success is rooted in its alignment with global best practices. Countries like Australia, Canada and Vietnam have reported reduced counterfeiting and lower production costs after adopting polymer notes.
The BSP’s collaboration with the RBA ensured that the FPPBS met these standards, with features like the dynamic value panel and transparent windows setting a new benchmark for currency security in the Philippines. The IACA award in 2025 underscores the series’ innovation, with the organization praising its “captivating and culturally significant” design and robust security features.
