President Marcos Jr. yesterday unveiled the first Philippine polymer banknote series, which, he said, “reflects the progress we are making as a Bagong Pilipinas—practical, innovative, and deeply meaningful.”
The new notes have dropped the images of national heroes and former presidents of the country that used to mark the identities of the old peso bills.
The President received the First Philippine Polymer Banknote Series from Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. during a ceremony in Malacañang.
Remolona said the new series will be available in “limited quantity” starting today. The banknote series will be circulated alongside paper banknotes. Both bills are legal tenders and currencies of exchange in the country.
In introducing the polymer banknotes for P1,000, P500, P100 and P50, Marcos said the new paper money embodies the strength, ingenuity, and forward momentum of our nation.
“Today, the Philippines proudly joins their ranks, ensuring that our currency remains secure, durable, and sustainable. Polymer banknotes are designed to keep up with the demands of everyday life. Unlike paper bills, which wear out after about a year, a year and a half, polymer banknotes can last up to seven and a half years—five times longer. And that means that we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment,” Marcos said.
The P1000 polymer series was first introduced in April 2022, as well as the new polymer denominations of 500-, 100-, and 5-peso bills.
Showcasing the Philippines’ rich biodiversity and cultural heritage, the polymer series features images of native and protected species in the country alongside traditional weave designs.
The President said that in using the polymer notes, the Philippines joins over 40 countries including Australia, Canada, the United Kingdom, and Singapore, that have adopted these polymer banknotes due to their proven benefits which include ensuring that the country’s currency remains secure, durable, and sustainable.
He said other countries like Malaysia and Vietnam have seen significant drops in counterfeiting after switching to polymer notes.
Another benefit of using polymer bank notes is in connection with health and hygiene as these provide cleaner paper bills based on a study of the Department of Health.
Marcos said the new notes would be available before Christmas, adding that the introduction of the polymer bills during the Yuletide season would add more excitement to kids receiving their aguinaldos.
The Banko Sentral ng Pilipinas said they were initially planning to release the new banknotes by January but will start releasing them by December 23.
“The polymer series raises awareness of the country’s threatened species, serves as a symbol of Filipino identity, and fosters national pride,” Remolona said.
The President also assured the public that the current paper banknotes will remain valid and in circulation.
The Bangko Sentral ng Pilipinas (BSP) said the P1000-bill features the image of the Philippine eagle which stands for the strength, freedom, and sharp vision of Filipinos which. It is paired with the sampaguita or the national flower, and shows the people’s quiet resilience amid various challenges.
The P500-bill features the Visayan spotted deer, symbolizing clarity and sharpness while the P100-bill showcases the Palawan peacock-pheasant which mirrors the Filipinos’ grace even in challenging times. Meanwhile, the P50-bill which features the Visayan leopard cat symbolizes independence and agility.
Asked why the heroes and former presidents were removed from the paper money, the BSP said it follows a cyclical pattern in selecting currency design themes that showcases the symbols of national pride across various denominations over the decades.
“With over 70 designs of legal tender, commemorative coins, banknotes, and medals, the BSP has always featured the country’s heroes and nature, sometimes one in the front and the other in the back, reflecting their significance in Philippine culture and heritage. Some coins have Philippine nature on their front. For this series of notes, the BSP decided to put focus on the latter,” it added.
It also explained that the P200-banknote was not included in the polymer series due to “low usage since its launch in 2010.”
The P200-bill,which features the late president Diosdado Macapagal, remains “legal tender until it becomes unfit for circulation.”
Polymer banknotes are smarter, cleaner, and stronger, with advanced anti-counterfeit features and smaller carbon footprint.
Cleaner because viruses and bacteria do not survive as long on polymer than on paper. Stronger because polymer banknotes have a longer lifespan than their paper counterparts.
The new denominations may be withdrawn over-the-counter in banks. Later, the P500 and P100 will also be available through automated teller machines (ATMs).
Polymer banknotes are easily recognizable since they match the size and color of their paper counterparts. They also have accessibility features, such as the embossed tactile dots on the top long edge of the banknotes to assist the elderly and the visually impaired.
