The Bangko Sentral ng Pilipinas (BSP) announced that the limited circulation of the first Philippine Polymer (FPP) banknote series will begin today. 70 to 90 million pieces will be allocated for each denomination of P500, P100, and P50.
In the first phase, the FPP series will be available in the Greater Manila Area and will later be distributed to other parts of the country.
New denominations can be obtained from banks through over-the-counter withdrawals. Meanwhile, P500 and P100 polymer banknotes will also be available at automated teller machines (ATMs) in the coming days.
According to BSP Assistant Governor Mary Anne Lim, the launched polymer banknote series follows the earlier release of the P1,000 polymer bill.
"Since this is just the first phase of the polymer banknote series, the quantity will be limited to 70 to 90 million per denomination for P500, P100, and P50," explained Lim. "In the coming years, especially in 2025, it is expected that the amount of P500, P100, and P50 will increase."
The BSP has made it clear that it has no intention of doing away with paper money. Their production will continue using abaca fiber.
Paper and polymer money will circulate in the market simultaneously to meet the public's demand for an adequate supply of money.
“Palaging posisyon ng BSP na parehong nagtatampok ng mga pambansang bayani at masaganang biodiversity ng Pilipinas—na kinakatawan ng ating mga flora at fauna—ang parehong papel at polymer na serye ng salapi. Pareho silang mahalaga at nararapat na kilalanin,” ani Lim.
The first batch of polymer banknotes was produced in collaboration with the Reserve Bank of Australia's Note Printing Australia.
Although the production cost of polymer notes is higher compared to paper due to its plastic substrate, polymer notes have a longer life and are therefore more cost-effective in the long run due to lower replacement costs.
According to Lim, the BSP has carefully studied the steps taken by other countries in the transition from paper to polymer money.
The FPP series showcases the rich biodiversity and cultural heritage of the Philippines. The P1,000, P500, P100, and P50 denominations feature images of the country's indigenous and protected species, as well as traditional local textile designs.
It is common for central banks around the world to change the design of their currency for security against counterfeiting. Usually, they change every 10 years.
Some groups have questioned the removal of heroes and historical figures from the design of Philippine currency.
