THE Bangko Sentral ng Pilipinas (BSP) plans to issue 70 million to 90 million pieces of the new polymer bills per denomination.
“Since this is an initial launch of the polymer banknote series, we will have limited quantities in about 70 [million] to 90 million per denomination for the P500, P100, and the P50,” BSP Assistant Governor Mary Anne P. Lim said at a briefing on Friday.
Last week, the BSP presented the “First Philippine Polymer Banknote Series” to President Ferdinand R. Marcos, Jr. in a ceremony in Malacañang.
The polymer series includes new denominations of P50, P100 and P500. The polymer version of the P1,000 bill was first introduced in April 2022.
“In the coming years, especially in 2025, we will have more quantities of the P500, P100, and P50 and we will issue them also next year,” Ms. Lim said.
The new polymer bills are set to be circulated in limited quantities in the Greater Manila Area starting Monday (Dec. 23).
“The new denominations of the polymer series initially may be withdrawn over the counter in banks and later the P500 and the P100 polymer banknotes will also be available through automated teller machines or ATMs,” Ms. Lim added.
Latest data from the BSP showed that 661 million pieces of the P1,000 polymer are already in circulation, equivalent to around 33% of the overall circulation of P1,000 bills.
Ms. Lim clarified that the paper banknotes featuring national heroes will still be produced and circulated.
The polymer series features native and protected species in the country. The new P500 note features the Visayan spotted deer, a creature found only in the rainforests of Panay and in Negros, and the orchid called Acanthophippium mantinianum.
Meanwhile, the new P100 note features the Palawan peacock-pheasant and the orchid called Ceratocentron fesselii, while the P50 polymer showcases the Visayan leopard cat and flower called Vidal’s lanutan.
“Our paper banknotes featuring our Philippine heroes will still be there. And they will continue to be still used by the public. They will co-circulate together,” Ms Lim said.
Several groups raised concerns over the decision to feature natural resources over national heroes.
“It has always been the position of BSP that both featuring the national heroes and the rich biodiversity of the Philippines, which are flora and fauna, are both equally important and deserve to be recognized,” Ms. Lim said.
“And for public awareness as well, we want to promote more public awareness and environmental responsibility for flora and fauna.”
Ms. Lim also noted central banks typically change currencies’ design series or substrate every 10 years.
The polymer banknotes are printed through a collaboration with Note Printing Australia, the Reserve Bank of Australia’s printing arm. The BSP is currently in the process of building its capacity to be able to eventually print its own polymer notes.
“Eventually, we will have the capability to print it here in the Philippines,” she said.
Ms. Lim also noted that printing polymer is more expensive, but these notes are more resilient compared with paper, which often needs to be replaced as these get mutilated easily.
“It is more expensive because the substrate is different. This is a plastic substrate that we have at the moment. In the long run, it is more cost-effective because it has a longer lifespan.”
The polymer banknotes are also cleaner, more durable and include more security features to make it harder to counterfeit.
The bills also have tactile dots to help the visually impaired identify the bills. — Luisa Maria Jacinta C. Jocson
