New Polymer Banknote Series

MANILA (UPDATE) - The Bangko Sentral ng Pilipinas has unveiled the designs for its new polymer or plastic banknotes featuring animals indigenous to the Philippines in place of national heroes.

The BSP said it presented the new designs for the 500, 100, and 50-piso to President Ferdinand R. Marcos, Jr. on Thursday. Also included in “First Philippine Polymer Banknote Series” is the 1000-piso bill which was introduced in April 2022.

According to the central bank, the new bills showcase the Philippines’ rich biodiversity and cultural heritage, as they feature images of native and protected animals and plants alongside traditional local weave designs.

“The polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride,” said BSP Governor Remolona.

The 1000-piso bill features the Philippine eagle and sampaguita flower. The 500-piso bill meanwhile features the Visayan spotted deer and Acanthephippium mantinianum. The 100-piso bill showcases the Palawan peacock-pheasant and Ceratocentron fesselii, while the 50-piso banknote shows the Visayan leopard cat and Vidal’s lanutan.

"The series also preserves notable elements from the paper banknotes, highlighting the Philippines’ natural beauty and artisanal crafts," the BSP said.

The 1000-piso bill features the Tubbataha Reefs Natural Park, South Sea pearl, and the T’nalak weave design. The 500-piso bill shows the Puerto Princesa Subterranean River National Park, blue-naped parrot, and southern Philippine weave design. The 100-piso bill shows Mayon Volcano, whale shark, and Bicol Region weave design; while the 50-piso shows Taal Lake, native maliputo fish, and Batangas embroidery design.

"The polymer banknote series will co-circulate alongside paper banknotes. Both polymer and paper banknotes can be used for payments," the BSP said.

Remolona said there is a need for banknotes despite the rise of cashless transactions.

"But there will long be a need for cash, especially for people and businesses with the least access to technology. It is especially for them that we are adding these polymer notes to our currency," Remolona added.

'SMARTER, CLEANER, STRONGER BANKNOTES'

In his speech, Marcos highlighted that the 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.

"And that means we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment," the president added.

Marcos also underscored the importance of honoring the country's rich biodiversity and culture through the new notes.

"Indeed, our currency is a tangible connection to those that we realize once again what we are as a people-- that we are rooted in pride, tradition, and the values we pass on to the next generation," he noted.

"I am sure that this fresh set of bills would add excitement to our kids when they come and ask for their aginaldo," the president said on a lighter note. 

The new polymer banknotes will be available to the public by Monday, Dec. 23 in time for Christmas but in limited quantities in the Greater Manila area. The new bills will enter the general circulation across the country next year.

"By January, we have a much better reach sa public natin," BSP Assistant Governor Mary Ann Lim explained.

"We're excited to also share this with the public but we have to say that at the moment we have limited quantities," she added.

According to the central bank, polymer banknotes are smarter, cleaner, and stronger than traditional "paper" banknotes.

‘Plastic’ money better than ‘paper’ bills? Not really, says PH fiber agency

An industry group representing the country's abaca growers and manufacturers, however, has disputed the BSP's claims about polymer bills when these were first introduced two years ago. Current “paper” banknotes are made up of 20 percent abaca fiber, with cotton making up the other 80 percent.

The Philippine Fiber Industry Development Authority (PhilFIDA) said polymer banknotes are expensive to manufacture, not as durable or secure as claimed, and also not good for the environment.

The agency represents the country’s abaca industry, which has a stake in keeping Philippine banknotes paper-based.

Historians had also criticized the BSP for removing World War 2 heroes Jose Abad Santos, Vicente Lim and Josefa Llanes Escoda from the P1,000 polymer bill when the new banknote was first unveiled in 2021.

The paper 500-piso bill meanwhile once featured the late Senator Benigno Aquino Jr. and his wife former President Corazon Aquino. The 100-piso bill had former President Manuel Roxas, while the 50-piso bill had former President Sergio Osmeña.