BSP begins circulating limited quantities of new polymer P500, P100, P50 banknotes
The Bangko Sentral ng Pilipinas (BSP) will circulate limited quantities of the country's first Philippine polymer (FPP) banknote banknotes starting Dec. 23.
The BSP said 70 to 90 million pieces each of the P500, P100, and P50 denominations will be available in the Greater Manila area.
“Since this is an initial launch of the polymer banknote series, we will have limited quantities in about 70 to 90 million per denomination for the P500, P100, and the P50,” BSP Assistant Governor Mary Ann Lim said in a statement. “In the coming years, especially in 2025, we will have more quantities of the P500, P100 and P50.”
The new polymer banknotes may be withdrawn over the counter in banks. The P500 and P100 denominations will also be available in automated teller machines.
Lim reiterated the BSP's clarification that the paper banknotes will exist alongside the new polymer banknotes, co-circulating to meet public demand for currency supply.
“It has always been the position of BSP that both feature the national heroes and the rich biodiversity of the Philippines—who are flora and fauna. Both are equally important and deserve to be recognized,” Lim said.
The BSP gave a look at the FPP on Dec. 19.
Featuring protected and native species, the new polymer banknotes showcase the nation's rich heritage and biodiversity.
The BSP said it didn't opt to produce polymer versions of the P200 banknote due to low demand.
Design
In a Malacañang ceremony livestreamed on the BSP's Facebook page, the central bank showed frames of the denominations' featured flora and fauna.
The P500 banknote features a Visayan spotted deer and Acanthophippium mantinianum, while the P100 banknote features a Palawan peacock-pheasant and Ceratocentron fesselii. The P50 banknote shows a Visayan leopard and Vidal's lanutan.
They also have weave designs from various regions of the country, promoting the country's vibrant cultural traditions and heritage.
Features
The new banknotes have "more sophisticated" features, per the BSP.
They're designed to have a lower carbon footprint than their paper counterparts as they require less energy and resources for production.
They're also meant to be cleaner with their smooth and non-absorptive surface that's more resistant to water, oil, and dirt. Bacteria and viruses also survive for shorter periods on polymer than paper banknotes.
In terms of durability, the polymer banknote is likewise said to last two to five times longer than paper banknotes, helping reduce production and replacement costs in the long run.
The FPP also aids the visually challenged with its tactile dots or embossed dots, vivid and distinct colors, and high-contrast numerals.
Criticisms
The FPP has been criticized for the alleged erasure of the country's national heroes and historical figures: The P500 bill features Ninoy and Cory Aquino, the P100 Manuel Roxas, and the P50 Sergio Osmeña.
The August Twenty-One Movement (ATOM) said that the new banknote design is part of efforts to "rewrite history."
“Seriously, are we really going to forget those who have fallen during the night? Do we really want a country devoid of heroes? Are we better off forgetting them? Are they trying to make us forget that the blood of heroes runs in our veins so they can replace it with the blood of slaves and let tyrants rule again? Another thing that Rizal said was, ‘There are no tyrants where there are no slaves," the group said in a statement.
Meanwhile, Senate Minority Leader Koko Pimentel is pushing to probe BSP for an explanation on redesigning banknotes.
"BSP should explain to lawmakers how much it spent for the redesign adn the results of its trial run when it released the P1,000 polymer notes in 2022," he told dwIZ.
Kiko Aquino Dee, grandson of former president Aquino and ex-senator Aquino, also expressed his dismay at the move.
“The Marcos administration has demonstrated that they don’t care about accountability, healthcare, or education. Now, they are changing our banknotes, a move started by the Duterte administration, so they don’t have to look our heroes in the eye while betraying their sacrifices,” he said in a statement. “They cannot do better. But our heroes remind us that the Filipino people can.”
In a statement issued after the criticisms, the BSP said Filipino heroes have long been featured on the nation’s currency.
“The BSP has always featured the country’s heroes and natural wonders in banknotes and coins,” it said. “Featuring different symbols of national pride on our banknotes and coins reflects numismatic dynamism and artistry and promotes appreciation of the Filipino identity.”
In April 2022, when the central bank launched the country's first polymer banknote, the P1,000 bill featuring the Philippine eagle, it ruffled the feathers of many for replacing the country's World War II heroes Jose Abad Santos, Josefa Llanes-Escoda, and Vicente Lim.
In December 2021, the BSP said it signed a deal with the Reserve Bank of Australia and its subsidiary, Note Printing Australia, for the production of polymerized banknotes.