The Bangko Sentral ng Pilipinas (BSP) has launched new polymer banknotes for the 500-, 100-, and 50-piso denominations this December, following the success of the 1,000-piso polymer note introduced in April 2022. These polymer notes are designed to be smarter, cleaner, and stronger, offering a range of advantages over traditional paper currency.
Smarter Security Features
Polymer notes are equipped with advanced security features like clear windows, iridescent images, and embossed elements, making them significantly harder to counterfeit. Since the introduction of the 1,000-piso polymer note, only 10 counterfeits have been reported out of 825.4 million notes in circulation—equivalent to one counterfeit per 82 million notes. In contrast, paper 1,000-piso notes had one counterfeit per 19,000 notes.
Cleaner and More Sustainable
Polymer notes are less prone to dirt, water damage, and wear due to their smooth, non-absorptive surface, which also makes them easier to sanitize. The Department of Health has verified their cleanliness, especially in the wake of the COVID-19 pandemic. In addition, polymer notes have a lower environmental impact, with a 38% reduction in global warming potential compared to paper notes. This is due to their longer lifespan, reducing the need for frequent replacements and resource consumption.
Stronger and Longer-Lasting
Research shows that polymer banknotes can last up to 7.5 years, compared to just 1.5 years for paper notes. This durability means fewer worn-out bills need to be replaced. Between 2022 and 2024, only 0.08% of polymer 1,000-piso notes were returned for being damaged, a stark contrast to the 54.4% of paper notes returned in the same period.
Growing Public Support
Public acceptance of polymer notes has steadily increased, with a BSP survey in Q1 2024 showing 68.3% approval for the 1,000-piso polymer note, up from 38% the previous year. Support for the broader initiative to replace paper notes with polymer reached 61.3% in 2024, a significant rise from just 10.9% in 2023.
Global Trend
Polymer banknotes are becoming a global standard, with over 40 countries adopting them. The BSP’s latest move positions the Philippines as part of this growing trend toward smarter, more sustainable currency solutions.
