Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno and Monetary Board members presented the new 1000-Piso polymer banknote to President Rodrigo Roa Duterte in a ceremony held in Malacañang on Wednesday.
The Office of the President and the BSP Monetary Board approved the issuance of the new polymer banknote, which the BSP will release in phases, starting Monday, 18 April 2022.
“As the sole issuer of Philippine currency, and in line with best practices of central banks worldwide, the BSP periodically updates the material, design, and security features of our banknotes to ensure that they promote public well-being, be durable enough for longer-term use and incorporate the latest technology to prevent counterfeiting,” Governor Diokno said.
This new banknote strengthens the BSP’s efforts to respond to pressing public health and safety concerns due to the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting.
Polymer bills can be sanitized with less risk of damage, making them a more hygienic alternative to paper banknotes. Moreover, scientific studies reviewed by the Department of Health found that in temperatures typical of tropical climates, viruses and bacteria survive for shorter periods on polymer compared to paper banknotes.
According to studies conducted by other countries, polymer banknotes have a smaller carbon footprint as their production requires less water, energy, and other resources.
Some countries have reported that polymer banknotes last at least 2.5 times longer than paper banknotes, given their resistance to water, oil, dirt, and general wear and tear.
Their extended lifespan makes polymer banknotes more cost- effective in the long run. They can also be recycled into other useful forms, such as compost bins, building components, furniture and other household products.
Using advanced technology, polymer banknotes make counterfeiting significantly more difficult and costly. More intricate designs and stronger security measures are in line with the BSP’s mandate of safeguarding the integrity of Philippine currency.
The design of the 1000-Piso polymer banknote features the Philippine Eagle and the Sampaguita on the obverse side; and the Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak weave design on the reverse side.
The new 1000-Piso polymer banknote will be circulated alongside the current 1000-Piso paper banknote and both can be used for payments.
