The Bangko Sentral ng Pilipinas (BSP) has officially introduced the First Philippine Polymer (FPP) Banknote Series, marking a significant advancement in the nation’s currency system. This new series includes denominations of ₱1,000, ₱500, ₱100, and ₱50, all designed to be smarter, cleaner, and stronger compared to traditional paper bills.
Polymer banknotes offer enhanced durability, with a lifespan of up to 2.5 times longer than paper notes. They are resistant to wear, water, and dirt, making them more robust for daily transactions. Additionally, these banknotes incorporate advanced security features, which enhance their resistance to counterfeiting. From an environmental perspective, polymer notes are more sustainable, as they are recyclable and have a reduced environmental impact over their lifecycle.
The transition to polymer notes aligns with the BSP’s objectives of modernizing the Philippine currency, improving cost efficiency, and promoting public health—especially pertinent in the current global health climate, as polymer notes are easier to sanitize. This initiative follows the successful pilot release of the ₱1,000 polymer note in April 2022, which was introduced in collaboration with Note Printing Australia.
The full circulation of the FPP Banknote Series is anticipated by the first quarter of 2025. The BSP has been proactive in preparing for this rollout, conducting technical briefings for bank personnel, machine suppliers, and cash-in-transit service providers to ensure a smooth transition. This comprehensive approach aims to educate stakeholders on the design and security features of the new polymer banknotes, facilitating their seamless integration into daily use.
The introduction of polymer banknotes is part of a global trend, with over fifty countries adopting polymer currency to leverage its benefits. The Philippines’ move to polymer notes reflects a commitment to innovation and sustainability in its financial systems. Notably, the ₱1,000 polymer banknote has already garnered international recognition, winning the “Banknote of the Year Award” in 2023, which underscores the quality and advanced features of the new currency.
As the BSP continues to modernize the country’s currency, the public is encouraged to familiarize themselves with the new banknotes and their features. This initiative not only enhances the security and durability of the Philippine peso but also represents a significant step towards embracing more sustainable and hygienic currency solutions.
For more detailed information and images of the new polymer banknotes, the BSP has made resources available on its official website and social media platforms. The public is advised to stay informed through these channels to fully understand the benefits and proper handling of the new polymer currency.