The unveiling of the new polymer banknotes would ensure that the Philippine currency remains “secure, durable, and sustainable,” President Ferdinand R. Marcos Jr. said Thursday.
This, after Marcos received the first Philippine polymer banknote series from Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. in a ceremony at Malacañan Palace in Manila.
The polymer series is composed of the PHP1,000 polymer banknote, which was introduced in April 2022, as well as new polymer denominations worth PHP500, PHP100, and PHP50.
“The first Philippine polymer banknote series, which includes the PHP1,000, PHP500, PHP100, and PHP50 denominations, marks a historic moment for our country. It builds on the success of the PHP1,000 polymer note introduced in April of 2022 and aligns with the global best practice of updating currency features every 10 years,” Marcos said.
“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 added.
With the introduction of new polymer banknotes, the government no longer needs to replace them as often, helping the country save money, cut down on waste, and make a meaningful contribution to protecting the environment.
Marcos said upgrading the Philippine currency would make it difficult for unscrupulous individuals to replicate the polymer banknotes, given its advanced security features.
He also noted the significant drop in counterfeiting in countries like Malaysia and Vietnam after using polymer banknotes.
“Another key advantage is security. Counterfeiting has always been a problem for economies around the world, but polymer banknotes are a notable progressive change,” Marcos said.
“By upgrading our currency, we are making sure that every hard-earned peso stays safe, whether it is saved, whether it is spent, or whether it is invested,” he added.
Marcos clarified that polymer banknotes will still be accepted and circulated despite folds.
He added that paper banknotes would continue to circulate and remain valid.
“So, there is no need to worry about that, the cash in your wallet still has its value. The polymer banknotes are simply a step forward—stronger, more durable, better suited for today’s demands, while still preserving the essence of what makes our currency truly Filipino,” Marcos said.
Marcos said the new polymer banknote series will be released in time for Christmas, as he acknowledged that the fresh set of bills “would add excitement to our kids when they come and ask for their aginaldo (gift).”
The BSP said the new polymer denominations would be available by Dec. 23 but in limited quantities and just in greater Manila.
The new polymer banknotes will be available nationwide starting January 2025, alongside the paper banknotes of the same denominations.
The new denominations of the polymer series may be initially withdrawn over-the-counter in banks and would later be accessible through automated teller machines (ATMs).
The BSP has said the new series boasts “smarter, cleaner and stronger” features, noting that the practical benefits of polymer banknotes include enhanced resistance to counterfeiting and improved durability. (PNA)
