The BSP was planning to circulate more polymer banknotes in different denominations.
BSP — The Bangko Sentral ng Pilipinas was planning to circulate more polymer banknotes in different denominations if the public will adapt well to the first batch of polymer 1,000-piso banknotes.
BSP Governor Benjamin E. Diokno said that the shift to polymer banknotes on other denominations will be based on the result of the circulation of the polymer 1,000-piso banknotes.
“Should result of the circulation be positive, the proposal will be for a continued and more expanded use of polymer to include other denominations,” Diokno said.
Polymer banknotes will have flora and fauna designs. The polymer 1,000-piso banknote will have the Philippine eagle as a centerpiece.
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The 1,000-piso paper banknote featuring Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos will remain in circulation alongside the new polymer 1,000-piso banknotes.
According to Diokno, they will carefully monitor how the public will cater to polymer bills and the central bank will assess the polymer banknote’s acceptability to Filipinos.
“(We will) validate whether the benefits reported by other countries using polymer banknotes will hold true for us,” Diokno said.
The 1,000-piso banknote was the Philippines’ largest denomination in general circulation and also the most widely-circulated banknote in the country.
As such, Diokno said that despite that the 1,000-piso banknote has the most number of security features and the hardest banknotes to forge, it has the highest number of counterfeiting attempts.
BSP wanted to have a test run for polymer banknotes to acquire significant feedback and to determine the effect of polymer bills on currency handling as well as to attest its lifespan and durability.
The central bank originally announced that the first batch of polymer bills will be circulated by April 2022.