BSP: “The next tranches of the polymer banknotes are expected to be issued starting September 2022”
BSP — The Bangko Sentral ng Pilipinas will circulate the next batch of 1000-piso polymer banknotes in September in order to complete a planned issuance of 158.4 million pieces this year.
The central bank said in an email to Manila Bulletin that the next tranches of the polymer banknotes are expected to be issued “starting September 2022 until April 2023”.
According to the central bank, an estimated volume of 158.4 million pieces of polymer banknotes will be issued within this year and 331.6 million pieces next year.
The gradual issuance will bring a total public circulation of the 1000-piso polymer banknotes to 500 million pieces until April 2023.
The staggered release of the polymer banknotes is intended to allow the central bank time to “assess the benefits and costs associated with a shift to polymer”.
Meantime, the Bangko Sentral ng Pilipinas reiterated in the same email to Manila Bulletin that the photo circulating online of a purported 500-piso polymer banknote with the image of a Tarsier is fake.
The central bank stressed that only the 1000-piso polymer banknote has been approved and the BSP “has not issued any new banknote design for other denominations”.
READ ALSO: BSP Says Polymer Banknotes Not For Sale
BSP plans to circulate more polymer banknotes in different denominations such as 500-piso and 100-piso in the future, especially if the public will adapt well to the first batch of 1000-piso polymer banknotes.
The central bank released the first batch of 10 million pieces of polymer banknotes to the public last April 18.
However, the polymer banknotes will only be available through over-the-counter services since banks’ automated teller machines (ATMs) are not designed to dispense plastic bills.
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