There are no plans yet to demonetize current Philippine currency bills bearing the faces of heroes and former presidents, according to the central bank.

The Bangko Sentral ng Pilipinas said the current paper banknotes will still be accepted alongside the new polymer banknotes, which will be in circulation starting Monday, December 23, 2024. 

BSP Assistant Governor Mary Anne Lim said the new polymer banknotes will be released in limited quantities this month and more will be added in the months to come. But she added that the printing of the current banknotes with the faces of prominent Filipinos will not be stopped.

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“Both featuring the natural heroes and the rich biodiversity of the Philippines through our flora and fauna are both equally important and deserve to be recognized,” Lim said. 

She added, “Our paper banknotes featuring our Philippine heroes will still be there.”

Lim was reacting to statements from the August Twenty-One Movement which criticized BSP’s decision to remove the heroes and former presidents from the banknotes. Former Senator Bam Aquino, kin of the late Senator Ninoy Aquino and the late President Cory Aquino, said Filipino heroes should not be erased. Both Ninoy and Cory are the faces of the current P500 bill.

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Senate President Francis Escudero also asked the BSP to explain why it came out with the decision not to include the Philippine heroes and former presidents in the new polymer series.

The new banknotes, formally called the First Philippine Polymer Banknotes Series, feature Philippine flora and fauna instead of the usual Philippine heroes or former leaders. The series includes 50, 100, 500 peso bills, adding to the 1,000 peso bill launched in 2022. 

The polymer banknotes are being printed in Australia because BSP has no capability yet to print such banknotes with advanced security features.