Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno and Monetary Board members presented the new 1000-Piso polymer banknote to President Rodrigo Roa Duterte in a ceremony held in Malacañang. (Photo from Bangko Sentral ng Pilipinas Facebook)
MANILA, Philippines — President Rodrigo Duterte led the presentation of P1,000 banknotes made of polymer.
In a ceremonial program at Malacañang Palace on Wednesday evening, the Department of Finance and the Bangko Sentral ng Pilipinas (BSP) joined the President in the presentation.
The BSP said that the first batch of Philippine peso banknotes made of polymer is slated to arrive from Australia within the month.
The circulation of the banknotes made of polymer will start mid-2022.
The BSP has been pushing for the use of polymer banknotes as these are less susceptible to the transmission of viruses and bacteria.
The new P1,000 polymer banknote. (Photo from Bangko Sentral ng Pilipinas Facebook)
Polymer banknotes can also be sanitized without destroying them.
When it comes to durability, polymer banknotes can last 2.5 to four times longer than those made of paper as it is water and dirt resistant.
According to the BSP, polymer banknotes are difficult to be counterfeited “due to the complexity of the printed images and the advanced technology used in incorporating security features.
Overall production costs for polymer banknotes are also lower.
The BSP also said that the polymer banknotes are more sustainable and environment-friendly due to lower carbon footprint, lower water and energy use, and less environmental toxicity.
Around 500 million P1,000 polymer banknotes will be in circulation between 2022 to 2025.
