The Bangko Sentral ng Pilipinas (BSP) has unveiled a groundbreaking development in Philippine currency—the introduction of polymer banknotes. This marks a significant shift from traditional paper-based money, bringing a range of benefits to enhance durability, security, and sustainability. As the Philippines joins other nations in adopting polymer technology, these new banknotes promise a longer lifespan, better resistance to wear and tear, and improved features to prevent counterfeiting.
Last Thursday, BSP has proudly presented the series of polymer banknotes to President Ferdinand Marcos Jr. during a ceremony conducted on the said date.
The series of polymer banknotes boasted the P50, P100, and P500 bills. These banknotes were released prior to the P1,000 banknotes which started circulating way back 2022.
The P500 Polymer Banknote
First of is the P500 bank note. Based on its features, it has the Visayan spotted deer, which symbolizes clarity and sharpness.
The P100 Polymer Banknote
You can see, meanwhile, that the P100 bill boasts the Palawan peacock-pheasant, which reflects Filipinos’ grace despite facing challenging times.
The P50 Polymer Banknote
Lastly, the P50 bill Visayan showcases the leopard cat, which symbolizes independence and agility.
When will the New Banknotes Circulate?
For those who are curious as to when the BSP will circulate the new banknotes, the press release said that it will start circulating by December 23 in the Greater Manila area only and shall be available in limited quantities. Thus, eventually, these banknotes will be available across the country by January 2025.
How Long will the New Polymer Banknotes Last?
The new polymer banknotes are estimated to last up to seven and a half years, in comparison, these new bills are seen to last five times longer than their paper counterpart.
What Do the New Polymer Banknotes Connote?
According to President Marcos Jr., the release of the new polymer banknotes serves as a groundbreaking step embodying the strength, ingenuity, and forward momentum of our nation.
He also added that this shall represent the progress that we are making as a Bagong Pilipinas- practical, innovative, and deeply meaningful.
Marcos also reiterated that the with this step, the Philippines could save money, cut down waste, and make a meaningful contribution to protecting the environment.
Ultimately, he stressed that the adoption of polymers banknotes shall mitigate the currency counterfeiting, which is considered the main problem for economies around the world.
Read Also: The P5,000 Commemorative Lapu-Lapu Banknote
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