Amid the controversy over the absence of national heroes on the new banknotes, the BSP said the new "plastic" bills are smarter because they have new advanced security features that prevent counterfeiting.

BSP insists polymer banknotes cleaner, stronger, smarter

Arthur Fuentes

ABS-CBN News

<div><br/></div><div><br/></div><p>MANILA - The new polymer banknotes are smarter, cleaner and stronger than the previous generation of &quot;paper&quot; banknotes, the Bangko Sentral ng Pilipinas said on Thursday.</p><p>Amid the controversy over the absence of national heroes on the new banknotes, the BSP said the new &quot;plastic&quot; bills are smarter because they have new advanced security features that prevent counterfeiting.</p><p>The new bills also have a lower environmental impact because their &#x27;global warming potential&#x27; or GWP is 38.36 percent lower than paper bills because the polymer bills last longer, thus reducing their resource use. The BSP said this was the result of a study by De La Salle University’s Center for Engineering and Sustainable Development Research in 2023, commissioned by the BSP.</p><p>Polymer banknotes are also cleaner because they have smoother and non-absorptive surfaces, which make them less likely to get damaged or dirty due to water, oil, and dirt.</p><p>&quot;They can also be sanitized with less risk of damage. The Department of Health confirmed this after an evidence review that included data collected during the COVID-19 pandemic,&quot; the BSP said.</p><div>Citing its own research, the BSP <span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/z6qO2YE2HKs?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span>also said polymer banknotes are stronger because they have a lifespan of as long as 7.5 years compared with 1.5 years for paper banknotes.</div><p>&quot;The BSP also receives fewer worn-out polymer banknotes compared with paper banknotes. From 2022 to November 2024, only 0.08 percent (689,571 pieces) of the 1,000-piso polymer banknotes issued were returned as worn-out or damaged banknotes, significantly reducing replacement costs,&quot; the central bank added.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/KLnmerDUwn0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span> </div><p>The BSP said this was in contrast to the 1000-piso paper banknotes issued during the same period, of which 54.4 percent (or about one billion pieces) were returned as worn-out and damaged banknotes.</p><p>&quot;Over 40 countries worldwide now use polymer banknotes, underscoring the global trend toward this smarter, cleaner, and stronger alternative,&quot; the BSP said.</p><p>The Philippine Fiber Industry Development Authority (PhilFIDA), which represents the country&#x27;s abaca fiber manufacturers, earlier said polymer banknotes were expensive and not as durable or secure as claimed, and also not good for the environment.</p><p>Current “paper” banknotes are made up of 20 percent abaca fiber, with cotton making up the other 80 percent.</p><p>Historians had also criticized the removal of 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.</p><p>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.</p>

<p>Amid the controversy over the absence of national heroes on the new banknotes, the BSP said the new "plastic" bills are smarter because they have new advanced security features that prevent counterfeiting.</p>

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BSP insists polymer banknotes cleaner, stronger, smarter

BSP insists polymer banknotes cleaner, stronger, smarter

Arthur Fuentes,

ABS-CBN News

Published Dec 26, 2024 12:58 PM PHT

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Updated Dec 26, 2024 05:05 PM PHT

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