The Philippines is fully embracing polymer banknotes with the launch of a complete series of the modern bills by President Ferdinand Marcos Jr. in Malacañang.
“By upgrading our currency, we are making sure that every hard-earned peso stays safe, whether it is saved, spent, or invested,” the President said.
Marcos formally received the series of banknotes from Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. in 1,000-peso, 500-peso, 100-peso and 50-peso denominations.
The P1,000 polymer banknote was introduced to the public in April 2022.
The newly released P500, P100 and P50 polymer banknotes are expected to circulate with the paper banknotes of the same denominations beginning in January 2025.
However, the BSP said there will be limited quantities of polymer banknotes available for circulation within the greater Manila area starting on 23 December.
Remolona said the 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 as they do on paper. Stronger because polymer banknotes have a longer lifespan than their paper counterparts,” he explained.
Each polymer banknote denomination features unique, native, and endangered Philippine species, along with cultural elements that celebrate the country’s heritage, such as the Philippine eagle and Sampaguita flower on the P1,000 note; the Visayan spotted deer and Acanthephippium mantinianum on the P500; the Palawan peacock-pheasant and Ceratocentron fesselii on the P100; and the Visayan leopard cat and Vidal’s lanutan on the P50.
The series also preserves notable elements from the paper banknotes, highlighting the Philippines’ natural beauty and artisanal crafts, such as Tubbataha Reefs Natural Park, South Sea pearl, and the T’nalak weave design on the P1,000; the Puerto Princesa Subterranean River National Park, blue-naped parrot, and southern Philippine weave design on the P500; Mayon Volcano, whale shark, and Bicol Region weave design on the P100; and Taal Lake, native maliputo fish, and Batangas embroidery design on the P50.
The BSP said the polymer banknotes will be easily recognizable since they match the size and color of their paper equivalents. The banknotes 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.
Anti-counterfeiting
In line with its mandate of safeguarding the integrity of currencies, the BSP said it periodically updates the materials, design, and security features of Philippine banknotes to deter counterfeiting.
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.
“The introduction of the first Philippine polymer banknote series reflects the progress we are making as a Bagong Pilipinas — practical, innovative, and deeply meaningful,” Marcos said.
The President touted the country’s latest achievement of joining more than 40 countries around the world that have adopted polymer banknotes.
He said embracing polymer banknotes would ensure that Philippine money remains secure, durable, and sustainable during its entire circulation.
“Polymer banknotes are designed to keep up with the demands of everyday life. Unlike paper bills, which wear out after about a year, a year and a half, polymer banknotes can last up to seven and a half years — five times longer,” he said.
Marcos said the launch of polymer banknotes would allow the government to save money and “make a meaningful contribution to protecting the environment.” The President also corrected the public’s misconceptions about using polymer money.
“For those who like to keep their bills neatly tucked in their wallets or pockets, you do not have to worry. You can fold the polymer banknotes, and they will be accepted and circulated,” he said. He also cited the advantages of polymer banknotes.
“The pandemic reminded us of just how important hygiene is in our daily lives. Cash, which passes through countless hands every day, can carry germs, bacteria, and viruses. The Department of Health has confirmed studies that found polymer banknotes are much cleaner than paper ones,” the President said.
“Thanks to their smooth, non-absorbent surfaces, they are less likely to hold onto harmful pathogens. And if they get dirty, you can easily wipe them off with a damp cloth without any damage to the banknote whatsoever,” he added.