President Rodrigo Roa Duterte leads the presentation of the PhP1,000 banknotes made of polymer from the Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP) in a ceremonial program at the Reception Hall in Malacañan Palace on April 6, 2022.
According to the BSP, the first batch of Philippine peso banknotes made of polymer is scheduled to arrive in the country this month from Australia. BSP and the Reserve Bank of Australia, and its subsidiary Note Printing Australia, reached an agreement for the production of the polymer PhP1,000 banknotes. It will begin circulating in mid-2022 together with the paper banknotes.
The BSP is pushing for the use of polymer banknotes since it is less susceptible to viral and bacterial transmission, and can be sanitized without damaging the banknotes. More importantly, polymer banknotes are harder to be counterfeited due to the complexity of the printed images and the advanced technology used in incorporating security features. It is also more durable and could last 2.5 to 4 times longer than paper money since it is water and dirt resistant. Overall production costs for polymer banknotes are also lower apart from being more sustainable and environment friendly due to lower carbon footprint, lower water and energy usage, and less environmental toxicity.
The BSP also notes that the PhP1,000 banknote is widely circulated in the country, comprising 30 percent of Philippine money in circulation.
Between 2022 and 2025, approximately 500 million PhP1,000 polymer banknotes amounting to PhP500 billion will be in circulation.
source: BSP
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