“While tempting… unfortunately, we have no provision in our rules providing for such a ‘joint investigation,’” Escudero said yesterday in a Viber message to The STAR.
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is preparing to introduce the first Philippine polymer (FPP) banknote series in the first quarter next year, a significant step in the country’s efforts to modernize its currency.
“The BSP is targeting to launch the new polymer banknote series in the first quarter of 2025,” the central bank said.
In a social media post, the BSP said new polymer banknotes will have “smarter, cleaner and stronger” features, offering improved security and durability compared to traditional paper banknotes.
dancing drums slot machineThe initial rollout will include the P500, P100 and P50 denominations, with the BSP opting not to produce polymer versions of the P200 banknote due to low demand.
Despite the launch of the FPP series, the BSP emphasized that paper banknotes currently in circulation will remain valid and will coexist with the polymer series. This ensures a smooth transition as the public and businesses gradually adapt to the new material.
Further details about the design, denominations, and rollout schedule for the FPP Banknote Series are expected to be announced soon.
Polymer banknotes are known for their longer lifespan, resistance to water and dirt as well as enhanced recyclability, aligning with the BSP’s commitment to innovation and environmental sustainability.
Polymer banknotes are said to be less susceptible to viral and bacterial transmission due to their smooth and non-absorptive surfaces.
They have also been found to last 2.5 to four times longer than paper money, more than offsetting the initial increase in production cost.
In April 2022, the BSP began the circulation of the new and improved P1,000 polymer banknotes, which now exist alongside the P1,000 paper banknotes.
The BSP partnered with Note Printing Australiabenz game, a subsidiary of the Australian central bank, in the initial roll-out of modern polymer banknotes.