President Ferdinand R. Marcos Jr. received the "First Philippine Polymer Banknote Series" from BSP Governor Eli M. Remolona Jr. at Malacañang on December 19, 2024. Polymer banknotes, known for their durability, cleanliness, and advanced security features, will circulate alongside paper banknotes starting January 2025. Yummie Dingding , PPA pool

MANILA — The Bangko Sentral ng Pilipinas (BSP) shelled out nearly P5 billion for the recently-launched polymer or plastic banknotes, according to the Commission on Audit (COA).

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In its annual audit report, the COA said the Monetary Board approved five supply contracts in the fourth quarter of 2023 amounting to P4.98 billion for the materials and production of the new banknotes under the New Generation Currency Series of P1,000, P500, P100 and P50 denominations.

The first contract dated July 13, 2023 was awarded to British printing company De La Rue International Limited worth 4.497 million euros or P269.524 million.

The BSP said the contract was for "the Supply and Delivery of 150,000 bundles P50 Enhanced New Generation Currency Outsourced Finished Banknotes as per BSP technical specifications and terms of reference."

The next contract was awarded on September 28, 2023 to Germany-based Giesecke+Devrient Currency Technology GmbH for the supply and delivery of 200,000 bundles of P500 "finished banknotes with enhanced security features and tactile marks" worth 11.751 million euros or P727.475 million.

The next contract awarded on October 19, 2023 went to Papierfabrik Louisenthal GmbH for "the supply and delivery of 75,200 reams of 100-Piso enhanced New Generation Currency Banknote Paper." 

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The BSP said the contract amounted to 42.431 million euros or P2.605 billion. 

The Germany-based major firm also bagged another contract on November 16, 2023, this time for the supply and delivery of 51,020 reams of P50 enhanced New Generation Currency Banknote Paper. 

The deal amounted to 18.542 million euros or P1.113 billion, with the company bagging P3.718 billion, the biggest contracts for the new banknotes.

French company Surys was awarded the contract for the supply and delivery of 3,040 rolls of "optically variable device patch" for the production of the new P1,000 bills. The contract amounted to 4.432 million euros or P269.028 million.

Meantime, the BSP also awarded a contract worth 16.196 million euros or P973.643 million to Swiss printing company Koenig & Bauer Banknote Solutions SA.

The deal was for the Enhanced New Generation Currency Equipment, inclusive of technical and maintenance support, training, supply and delivery of RM (raw materials), consumables, and wear and tear spare parts for 12 months.

All the amounts reflected in the BSP financial statement were based on its reference rate prevailing during the procurement process, exclusive of value-added tax (VAT) and other applicable charges. The contracts were based on BSP-approved terms of reference and technical specifications. 

Last week, BSP governor Eli Remolona presented the new designs to President Ferdinand Marcos, Jr. 

The BSP confirmed images of Philippine heroes were not featured in the new series of polymer banknotes. The new banknotes feature native and protected animals and plants alongside traditional local weave designs.

The P1000 bill features the Philippine eagle and sampaguita flower, while the new P500 bill features the Visayan spotted deer and flowering plant Acanthephippium mantinianum.

The P100 bill highlights the Palawan peacock-pheasant and Ceratocentron fesselii, an endemic and critically endangered orchid in the country. The P50 banknote meanwhile shows the Visayan leopard cat and Vidal's lanutan.

The new bills are now available in limited quantities in the Greater Manila area and will enter general circulation nationwide by January next year.

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