The country’s new polymer banknote series was officially unveiled on Thursday, with President Ferdinand Marcos Jr. leading the ceremony at Malacañang Palace.
Marcos was presented with the new banknote series by Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr.
The series includes the PHP1,000 polymer banknote, first introduced in April 2022, along with new polymer denominations of PHP500, PHP100, and PHP50.
Starting December 23, the new banknotes will be available in Greater Manila in limited quantities, with nationwide availability beginning January 2025, alongside the paper banknotes.
In his speech, Marcos emphasized that while paper bills may deteriorate after roughly a year and a half, polymer banknotes have a lifespan of up to seven and a half years.
"And that means that we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment," Marcos reiterated.
He further assured that for those who prefer to keep their bills neatly tucked in their wallets or pockets, there is no need to worry. The polymer banknotes can be folded and will still be accepted and circulated.
Moreover, polymer banknotes offer the benefit of being cleaner than paper currency. Their smooth surfaces resist retaining harmful pathogens, and any dirt can be easily wiped away with a damp cloth without harming the note.
"Another key advantage is security. Counterfeiting has always been a problem for economies around the world, but polymer banknotes are a notable progressive change," said Marcos.
"Their advanced security features make it more difficult to replicate. Notably, countries like Malaysia and Vietnam have seen significant drops in counterfeiting after switching to such polymer notes," he added.
The banknotes feature species native to the Philippines, including the Philippine Eagle on the P1,000 note, the Visayan spotted deer on the P500 note, the Palawan peacock-pheasant on the P100 note, and the Visayan leopard cat on the P50 note.
Despite the introduction of the new banknote series, Marcos clarified that paper banknotes will still be in circulation and remain valid.
