BSP launches smarter, cleaner polymer banknotes in Manila

The Bangko Sentral ng Pilipinas (BSP) announced on Thursday that new polymer banknotes are smarter, cleaner, and stronger than their paper predecessors.

According to the BSP, from 2022 to November 2024, only 10 out of 825.4 million polymer notes were counterfeit, with one per 82 million pieces, compared to one per 19,000 for paper notes.

A study by De La Salle University found that the global warming potential of polymer bills is 38.36% lower compared to paper bills, making them more environmentally friendly.

On Monday, the BSP began circulating limited quantities of the 'First Philippine Polymer Banknote Series' in the Greater Manila Area, featuring new denominations of P50, P100 and P500.

Research by the BSP shows that polymer banknotes last up to 7.5 years compared to 1.5 years for paper bills, with only 0.08% returned as worn-out or damaged from 2022 to November 2024.

Despite these benefits, some critics argue that removing historical figures such as Ninoy Aquino from the currency amounts to 'forgetting' the country's most prominent heroes.