PHILIPPINE paper banknotes featuring the country’s heroes will remain in circulation, according to the Bangko Sentral ng Pilipinas (BSP).
“The banknotes with historical figures will circulate alongside the newly launched First Philippine Polymer Banknote Series, which showcases the country’s rich biodiversity,” BSP in a statement, said.
The statement was made amid confusion the present series of banknotes will be demonetized soon.
BSP said it has always featured the country’s heroes and natural wonders in banknotes and coins.
“Featuring different symbols of national pride on our banknotes and coins reflects numismatic dynamism and artistry and promotes appreciation of the Filipino identity,” the statement continued.
Central banks around the world change the designs of their banknotes for various reasons, including security against counterfeiting. Many change them about every 10 years. The Philippines’ existing New Generation Currency Series first went into circulation more than 10 years ago.
The new series has been made available in limited quantity starting last Friday.
The polymer series is composed of the 1000-piso polymer banknote, which was introduced in April 2022; as well as new polymer denominations: 500-, 100-, and 50-piso.
Showcasing the Philippines’ rich biodiversity and cultural heritage, the 1000-, 500-, 100-, and 50-piso denominations of the polymer series feature images of native and protected species in the country alongside traditional local weave designs.
