LOOK: BSP unveils new designs for P500, P100, and P50 bills
The Bangko Sentral ng Pilipinas (BSP) has revealed the new designs for the P500, P100, and P50 polymer banknotes, replacing the images of the country’s heroes with rich biodiversity.
BSP Governor Eli Remolona Jr. said during the unveiling that the new banknotes are "smarter, cleaner, and stronger" as they have an advanced anti-counterfeiting features, a smaller carbon footprint, and resistance to bacteria. He added that the polymer banknotes have a longer lifespan than their paper counterparts.
For the P500 bill, the design replaces President Corazon Aquino and her husband, Senator Benigno Aquino Jr. with the Visayan spotted deer on the front side of the note. It retained the Puerto Princesa Subterranean River National Park and the blue-naped parrot.
The P100 bill, meanwhile, spotlights the Palawan Peacock-Pheasant instead of former president Manuel Roxas at the front. The Mayon Volcano and the whale shark are still featured on the reverse side.
Lastly, the P50 banknote replaces former president Sergio Osmeña with the Visayan leopard cat. The Taal Lake and the giant trevally are still featured at the back.
Remolona highlighted that they aim to promote "environmental awareness by showcasing endangered species" with the new designs.
"We all know that our economy is becoming an increasingly cashless economy as technology provides new ways to make many transactions easier, but there will long be a need for cash especially for people and businesses with the least access to technology," he said.
BSP clarified that paper banknotes can still be used alongside the polymer ones. The series also features weave designs from various regions of the country, promoting their vibrant cultural traditions and heritage.
The new banknotes are also beneficial to the visually challenged as they have tactile dots, vivid distinct colores, and high-contrast numerals.
"The first Philippine polymer banknote series is a symbol of progress and national identity, a celebration of the rich natural heritage of the Filipino people," BSP stated.
The central bank previously released the P1,000 polymer banknote in 2021. This comes after they signed a deal with the Reserve Bank of Australia and its subsidiary, Note Printing Australia, for the production of the polymerized banknotes.
Australia is the first country to issue a full series of polymer-based banknotes and it has also begun supplying them to other countries. The BSP has been pushing for the usage of polymerized banknotes as current ones are made of cotton and abaca.
The new banknotes are set to enter circulation in first quarter of 2025.
