The Bangko Sentral ng Pilipinas (BSP) has partnered with Note Printing Australia (NPA), a subsidiary of the Australian central bank, in the initial roll-out of modern polymer banknotes.
During a high-level event at the Manila residence of Australian Ambassador to the Philippines Steven J. Robinson AO (left, above), BSP Governor Benjamin E. Diokno (center) received uncut 1000-Piso polymer banknotes from NPA Chief Executive Officer Malcolm McDowell (right), witnessed by BSP and Australian Embassy officials, as well as leaders from the Philippine banking industry.
The new polymer banknote is more durable and cost-effective because of its extended lifespan; more environmentally friendly because of its smaller carbon footprint and recyclability; and more hygienic and sanitary because of the shorter survival periods of viruses and bacteria on its surface. It also has advanced security features to further deter counterfeiting.
