Thrust shielding currency recognized

The Bangko Sentral ng Pilipinas (BSP) efforts to make the local currency dependable and counterfeit-proof received international recognition.

It was conferred the Currency Manager of the Year award by Central Banking, a prestigious London-based organization, to recognize the BSP’s efforts to ensure a sufficient supply of highly-trusted banknotes for the growing economy.

Cited as a key initiative was the BSP’s introduction of the polymer banknote series.

Central Banking also cited the BSP’s agreements with Banque de France and Bundesdruckerei, Germany’s state-owned banknote producer.

These arrangements, signed in November and October 2024, respectively, cover payments and currency management, security and production.

The BSP’s ongoing collaboration with Note Printing Australia, a subsidiary of the Reserve Bank of Australia, was also recognized for the production of the Philippines’ first polymer banknotes. The BSP initially issued the 1000-piso polymer banknote in 2022, followed by the 500-, 100-, and 50-piso denominations in December 2024.

The award was announced on 20 March 2025, with the official ceremony held on 11 June 2025.

In a recorded message shared on Central Banking’s website, BSP Governor Eli M. Remolona Jr. stated: “Banknotes remain vital in our developing economy. We’re committed to ensuring our people have enough of them and have faith in them.”