BSP Unveils New Polymer Banknotes

The Bangko Sentral ng Pilipinas (BSP) introduced its First Philippine Polymer (FPP) Banknote Series on Thursday, adding ₱500, ₱100, and ₱50 denominations to its lineup of polymer currency. The launch follows the rollout of the ₱1,000 polymer banknote in 2022, featuring the Philippine eagle.

Key Features of Polymer Banknotes

BSP Governor Eli M. Remolona highlighted the benefits of polymer banknotes:

• Smarter: Advanced anti-counterfeiting features and a smaller carbon footprint.
• Cleaner: Viruses and bacteria survive for shorter periods on polymer.
• Stronger: Greater durability compared to paper banknotes.

The designs for the new denominations feature native species and traditional weave patterns:

• ₱500: Visayan spotted deer
• ₱100: Palawan peacock-pheasant
• ₱50: Visayan leopard cat

Circulation Timeline

• Limited quantities of the new polymer banknotes will be available in the Greater Manila Area starting December 23, 2024.
• Full circulation is set for the first quarter of 2025.

Transition from Paper Banknotes

President Ferdinand “Bongbong” Marcos Jr. assured the public that existing paper banknotes will remain in circulation and valid.
“The polymer banknotes are simply a step forward—stronger, more durable, better suited for today’s demands, while preserving the essence of our Filipino currency,” he said.

Exclusions from Polymer Series

• ₱20: Phased out in favor of the ₱20 coin.
• ₱200: Discontinued due to low usage since its 2010 launch but remains legal tender until unfit for recirculation.

The ₱1,000 polymer banknote previously received international acclaim, winning the Banknote of the Year award from the International Banknote Society in 2023.