BSP Says Polymer Banknotes Available In Select ATMs

BSP: “POLYMER-READY na ang mahigit 2,000 na ATMs sa buong Pilipinas!”

BSP — The Bangko Sentral ng Pilipinas announced that polymer banknotes can already be withdrawn in selected automated teller machines (ATMs).

Photo source: ABS-CBN News

The central bank said in a tweet on Thursday that the 1000-piso polymer banknotes can already be withdrawn in some 2,425 ATMs in selected areas, adding that the selected ATMs can dispense both paper-based and polymer banknotes.

Banks’ recalibration of automated teller machines is expected to be completed by December this year.

There are a total of 23,025 automated teller machines nationwide as of end-June this year.

An initial 10 million polymer banknotes were circulated by the central bank last April. The test run will include a total 500 million pieces of polymer banknotes to be released until next year.

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

The central bank released 158.4 million of 1000-piso polymer banknotes in September after its first test run last April. BSP will circulate another 331.6 million of polymer banknotes next year.

In a recent Senate hearing on polymer banknotes, BSP Deputy Governor Mamerto E. Tangonan disclosed that it will save as much as PHP 2.4 billion in circulating polymer banknotes which has a longer lifespan compared to paper-based banknotes.

(The BSP) has developed a polymer evaluation framework that consist of empirical studies to be undertaken no later than 2024 – these would help us assess objectively if the reported benefits hold under Philippine condition,” Tangonan said.

The central bank’s planned polymer evaluation framework will cover the following: perception surveys and sentiment analysis; microbial contamination analysis; carbon footprint analysis (lifecycle analysis); and banknote lifespan analysis.

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