THE BANGKO SENTRAL ng Pilipinas (BSP) on Thursday unveiled his first series of polymer banknotes showing the counttry protected and native species.
BSP Governor Eli M. Remolona, Jr. presented the series of Philippine polymer banknotes to President Ferdinand R. Marcos, Jr. during a ceremony in Malacañang.
The polymer series includes new denominations of P50, P100 and P500, as well as the P1,000 note, which was first introduced in April 2022.
The new polymer notes are “smarter” than their paper counterparts as they have advanced anti-counterfeiting features and a smaller carbon footprint, Mr Remolona said.
BSP Assistant Governor Mary Anne Lim told reporters on the sidelines of the ceremony that the new polymer notes will be available in “limited” quantities in the greater Metro Manila area by December 23.
In a separate statement, the BSP said the new denominations of the polymer series can initially be withdrawn from banks without a prescription. The P500 and P100 polymer notes will later be available through automated teller machines (ATMs).
Mr. Remolona said the polymer series aims to raise awareness of endangered species and “serves as a symbol of Filipino identity and fosters national pride.”
The BSP introduced the new P1,000 polymer note in April 2022, featuring the sampaguita and the Philippine eagle.
The new P500 note features the Visayan spotted deer, a creature found only in the rainforests of Panay and Negros, and the orchid called acanthophippium mantinianum.
The new P100 note features the Palawan peacock pheasant and the orchid Ceratocentron fesseli, while the P50 polymer features the Visayan leopard cat and flower called Vidal’s lanutan.
Mr Remolana said the new banknotes are cleaner “because viruses and bacteria do not survive as long on polymer as they do on paper.”
The new banknotes are also stronger “because they last longer than their paper counterparts.”
In his speech, Mr. Marcos said the first series of Philippine polymer banknotes marks a historic moment for the country.
“It builds on the success of the polymer thousand-peso note introduced in April 2022 and aligns with global best practice of updating currency features every ten years,” he added.
Mr. Marcos said more than 40 countries, including Australia, Canada, the United Kingdom and Singapore, have already adopted polymer banknotes “because of their proven benefits.”
Mr. Marcos said that unlike paper banknotes, which wear out after about a year and a half, “polymer banknotes can last up to seven and a half years – five times longer.”
The new polymer notes are a departure from the paper notes featuring Filipino heroes.
The Philippines is increasingly becoming a cashless economy, “but cash will be needed for a long time, especially for people and businesses with the least access to technology,” Mr. Remolana said.
“It is especially for them that we are adding these polymer notes to our currency.” — Kyle Aristophere T. Atienza