Check Here the Polymer Banknote that BSP Presented
BSP – The Bangko Sentral ng Pilipinas unveiled the first Philippine polymer banknote series with advanced features.
Banknotes as well as coins are among the pieces of stuff that massively circulate across the globe. Thus, there is no wonder in case these money bills and coins get damaged after some time although they are protected by rules set by the state entity that released it.
In the Philippines, the Bangko Sentral ng Pilipinas or the Central Bank of the Philippines is the one that is on top of the banknotes as well as money coins that circulate across the nation. From time to time, it releases new money bills and coins with new features.
To recall, it was in April 2022 when the BSP unveiled the first polymer banknote in the Philippines with a value of P1,000. It came with an image of the Philippine eagle which is the national bird of the country.
The authorities defended the material citing its durability. Several rules were also released in line with the handling of the polymer banknote.
Recently, based on a post of ABS-CBN News on X, Bangko Sentral ng Pilipinas has unveiled the first polymer banknote series in the Philippines. The BSP presented a P1,000 bill, a P500 bill, a P100 bill, and a P50 bill.
According to BSP Governor Eli Remolona, the first series of polymer banknotes in the Philippines “smarter, cleaner, and stronger” bills with advanced features.
According to BSP, they will initially release the above banknotes skipping the P200 banknote because of its low demand. While new banknotes will be released, the central bank clarified that the existing paper banknotes can co-exist with the polymer series.
The authorities pushed for polymer citing its longer lifespan, boosted recyclability, and resistance from water and dirt. It was Pres. Bongbong Marcos who led the unveiling of the first series of polymer banknotes in the Philippines. The event was held at Malacañang.
“Their advanced security features make it more difficult to replicate. Notably, countries like Malaysia and Vietnam have seen significant drops in counterfeiting after switching to such polymer notes,” Marcos said.
The new additions to the polymer banknotes in the Philippines are the 500-piso bill, the 100-piso bill, and the 50-piso bill. The P500 features the Visayan spotted deer which is found in the rainforests of Panay and Negros. It is a sign for sharpness and clarity.
The P100-piso banknote features the Palawan peacock-pheasant which shows the grace of the Philippines amid the challenges. The P50-piso bill features the Visayan leopard cat which signifies independence and agility.