MANILA – President Ferdinand “Bongbong” Marcos Jr. stated that the soon-to-be released new polymer banknotes will ensure the security, durability, and sustainability of Philippine currency.
In a speech at the Malacañang Palace on Thursday, Marcos said the government no longer needs to replace the polymer banknotes as often, helping the country save money, cut down on waste, and make a meaningful contribution to protecting the environment.
President Marcos added that upgrading the Philippine currency would make it difficult for unscrupulous individuals to replicate the polymer banknotes, given its advanced security features.
“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,” Marcos said.
“Another key advantage is security. Counterfeiting has always been a problem for economies around the world, but polymer banknotes are a notable progressive change,” he added.
“By upgrading our currency, we are making sure that every hard-earned peso stays safe, whether it is saved, whether it is spent, or whether it is invested,” the Chief Executive further said.
According to Bangko Sentral ng Pilipinas, the polymer series is composed of the P1,000 polymer banknote, which was introduced in April 2022, as well as new polymer denominations worth P500, P100, and P50.
President Marcos also clarified that polymer banknotes will still be accepted and circulated despite folds, while paper banknotes would continue to circulate and remain valid.
“So, there is no need to worry about that, the cash in your wallet still has its value. The polymer banknotes are simply a step forward — stronger, more durable, better suited for today’s demands, while still preserving the essence of what makes our currency truly Filipino,” Marcos said.
The BSP said the new polymer denominations would be available by December 23 but in limited quantities and just in greater Manila and nationwide starting January 2025.
The new denominations of the polymer series may be initially withdrawn over-the-counter in banks and would later be accessible through automated teller machines./PN
