NextGen Day

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) announced in a press conference on Thursday that the first batch of Philippine peso banknotes will arrive in the country by April next year.

The BSP and the Reserve Bank of Australia, through its subsidiary Note Printing Australia, have agreed to produce polymer PHP1,000 banknotes, according to Diokno.

Australia was the first country to issue a whole series of banknotes made of polymer, and it has since manufactured and sold polymerized banknotes to other nations.

“The PHP1,000 notes will go into circulation in mid-2022,” Diokno stated, adding that the Monetary Board has been talking about using polymer banknotes since 2008.

The polymerized banknotes will circulate alongside conventional banknotes, according to the central bank chief.

Between 2022 and 2025, 500 million PHP1,000 polymer banknotes, or PHP500 billion, will be in circulation, according to BSP vice-governor Mamerto Tangonan.

According to Tangonan, the PHP1,000 banknote is the most extensively circulated bill, accounting for 30% of all Philippine money in circulation.

“The second reason is that it is the denominations that are most frequently counterfeited among the numerous denominations we have.” It is not in danger of losing its security or integrity, but it is the most counterfeited of the many currencies. As a result, it’s better to concentrate the test on the PHP1,000 denomination,” he explained.

The constant touching and cleaning of objects, including banknotes and coins, is one of the reasons why the central bank is pushing for the use of polymer banknotes.

Polymer banknotes, according to Diokno, are less vulnerable to viral and bacterial transmission and can be sterilized without causing damage.

Due to the complexity of their printed pictures and the modern technology utilized in implementing security elements, polymer banknotes are also more difficult to counterfeit.

They are also more durable than paper money, lasting 2.5 to 4 times longer due to their water and dirt resistance.

Polymer banknotes also offer lower overall production costs and are more sustainable and environmentally benign since they have a reduced carbon footprint, use less water and energy, and have less environmental toxicity.

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