The Bangko Sentral ng Pilipinas (BSP) is intensifying its efforts against counterfeit currency through the nationwide introduction of the first polymer banknotes in the Philippines.
They are now available in PHP 50, PHP 100, PHP 500, and PHP 1,000 denominations. These notes feature enhanced security and improved durability. Such an initiative aims to safeguard the integrity of the nation’s currency.
The polymer series banknotes were initially launched in the Philippines back in April 2022 with just the PHP 1,000 banknote.
According to Hermogenes Buenaflor Jr., a Bank Officer at the BSP Mindanao Regional Office, the synthetic material used in these notes offers increased resistance to counterfeiting, environmental advantages, and a longer lifespan.
Hermogenes highlighted the effectiveness of the polymer notes during a recent “Kapihan sa Zamboanga” episode. He stated, “From April 2022 to November 2024, data shows that only one counterfeit note was recorded for every 81 million polymer bills released.”
The same period saw authorities find one paper note out of every 19,000 to be fake among paper notes.
Unlike traditional paper currency, polymer banknotes are waterproof and designed to be more hygienic, retaining fewer bacteria and viruses. They also boast a significantly longer lifespan, lasting up to 7.5 years, which is more than five times longer than paper notes.
The BSP has clarified that both polymer and paper bills will remain in circulation, dispelling rumours of a complete transition. The agency also confirmed that they still consider folded or creased polymer bills legal tender.
“For the BSP, be it a polymer or paper banknote, even if it’s folded… it’s still money,” Hermogenes affirmed. “Even if it has 20 folds, it still has value with the BSP.”
In support of environmental sustainability, the BSP has collaborated with the UP National Engineering Center. They are exploring methods for recycling end-of-life polymer notes into reusable items.
The BSP is actively educating the public on how to properly handle both the new polymer and existing paper currencies. This ongoing effort encourages responsible treatment to ensure the longevity of all banknotes.
To verify the authenticity of the new polymer bills, the public should use the “feel, look, and tilt” method. You can also refer to the BSP’s official social media channels for the latest updates.
