BSP to launch polymer P500, P100, P50 banknotes in 2025
The Bangko Sentral ng Pilipinas (BSP) is launching the country's first Philippine polymer (FPP) banknote series in the first quarter of 2025.
In a Facebook post on Dec. 5, the BSP said the FPP banknote series will have "smarter, cleaner, and stronger features." They will circulate alongside the existing paper banknotes.
The initial rollout will include the P500, P100, and P50 denominations, according to a report from The Philippine STAR.
The BSP didn't opt to produce polymer versions of the P200 banknote due to low demand.
In another Facebook post on Dec. 6, the central bank explained that while the FPP banknote series features a different substrate, and their colors will make them recognizable.
"It also incorporates enhanced accessibility features for visually challenged Filipinos," it said.
In an infographic attached to the post, the BSP said it shares the same color and size across its denominations as the paper banknotes (yellow for P500, violet for P100, red for P50).
The series showcases the country's rich biodiversity and protected wildlife, according to the BSP infographic, adding that it promotes environmental protection.
"It reminds Filipinos to take care of our natural resources and work together for a sustainable future," the infographic also read.
Further details about the notes' design, denominations, and rollout schedule are expected to be announced soon.
Polymer banknotes are known for their longer lifespan, resistance to water and dirt, as well as enhanced recyclability, which aligns with the BSP’s commitment to innovation and environmental sustainability.
With their smooth and non-absorptive surfaces, polymer banknotes are said to be less susceptible to viral and bacterial transmission.
They're also more durable and last longer than paper banknotes, which are made of cotton and abaca. This, according to the BSP, offsets the initial increase in production cost.
The BSP launched the country's first polymer banknote, the P1,000 bill, in April 2022. It features the Philippine eagle, ruffling feathers for replacing the country's World War II heroes Jose Abad Santos, Josefa Llanes-Escoda, and Vicente Lim. It exists alongside the P1,000 paper banknotes.
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.