BSP May Issue 500-Piso Polymer Banknotes In 2023

BSP: “Given the supply schedule (of the P1,000) the P500 polymer will not be available before end of June.”

BSP — After assessing the public’s acceptance of the first 1000-piso polymer banknote, the Bangko Sentral ng Pilipinas may circulate 500-piso polymer banknotes in 2023.

However, BSP Governor Felipe M. Medalla said that the 500-piso polymer banknote is unlikely to be issued in the first half of next year.

Photo source: UNTV News

The BSP chief said over the weekend that the 500-piso polymer banknote “will not be available before end of June” given the supply schedule of the 1000-piso polymer banknote.

When it comes to the design of the new 500-piso polymer banknote, the central bank previously said that the photo circulating online of a purported 500-piso polymer bill with the image of a Tarsier is fake.

At present, only the 1000-piso polymer banknote with a prominent Philippine Eagle design has been approved and the central bank has not issued any new banknote design for other banknote denominations.

Photo: BSP

Manila Bulletin reported that the 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 polymer banknote circulation.

READ ALSO: Senator Pimentel Tells BSP To Suspend Production Of “Impractical” Polymer Banknotes

The central bank paid Note Printing Australia (a subsidiary of the Reserve Bank of Australia) PHP 3.7 billion to produce, supply, and deliver 500 million pieces of 1000-piso polymer banknotes.

Currently, the central bank has no capacity to produce polymer bills in its printing facility in Quezon City.

Based on the report, the next batch of 1000-piso polymer banknote release is October 2022 which will run until June 2023. The central bank will circulate another 490 million polymer banknotes during this period.

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