The Reserve Bank of Australia's subsidiary Note Printing Australia was tapped for the production of the new polymer banknote, Diokno said in his weekly virtual briefing.
Diokno said shifting to polymer bills is more environment-friendly, cost-effective, hygienic and will increase protection from counterfeits. "Given the increasing scarcity of water, energy and others, our banknotes should be made to last longer," he added. The Philippine Fiber Industry Development Authority however, said using polymer has "many drawbacks."
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