Philippine banknotes will undergo pandemic-related changes in the next years with the introduction of polymer money by April 2022 to address public concerns for a more hygienic, durable and cost-effective, pro-environment, and difficult to counterfeit banknotes.
The design of the polymer banknotes, however, is still being reviewed and it has not yet been approved by Malacanang, said BSP in an email to Manila Bulletin. For now, the BSP assures that the overall appearance of the P1,000 polymer banknotes will be as “similar as possible to the existing 1000-piso enhanced New Generation Currency banknote.
Another primary reason is environmental issues. “Given increasing scarcity of water, energy, and other inputs, our banknotes should be made to last longer, while considering both environmental sustainability and cost-effectiveness,” said Diokno. Based on studies cited by the BSP, a polymer banknote has a cash cycle or a lifetime ratio of 4.8 times compared to paper which is usable only for eight to 18 months compared to about four years for polymer.Diokno said quite a number of central banks have already shifted to polymer banknotes in the last 10-15 years.
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