BSP hints at more polymer banknotes

The Bangko Sentral ng Pilipinas (BSP) on Tuesday said it is now preparing to issue the First Philippine Polymer (FPP) Banknote Series, over two years after the release of the P1,000 polymer banknote into circulation in April 2022.

In a social media post, the BSP hinted at the FPP Banknote Series with a photo showing silhouettes of animals, with a caption saying that it is preparing for the issuance of the FPP Banknote Series which will have “smarter, cleaner, and stronger” features.

“Paparating na! (It's coming!)” it said in its post, while clarifying that paper banknotes will remain in circulation.

The P1,000 polymer banknote features a Philippine eagle and the national flower Sampaguita, versus the earlier designs of the same denomination with feature Philippine heroes Vicente Lim, Josefa Llanes Escoda, and Jose Abad Santos.

The reverse side shows the Tubbataha Reefs Natural Park which was declared a World Heritage Site by the United Nations Educational, Scientific, and Cultural Organization (UNESCO), along with the T’nalak weave design of the T’boli people and the South Sea Pearl.

The design was first revealed to the public in December 2021, made by the BSP, and approved by the National Historical Institute. It was released in April 2022, and was awarded “Banknote of the Year” by global non-profit organization International Banknote Society (IBS).

This was earlier met with criticism, with stakeholders asking the central bank to reconsider the new design of the bill.

For his part, former BSP governor Benjamin Diokno, who now sits as Monetary Board Member, said the P1,000 bill featuring heroes will continue to be in circulation, saying that “heroes will remain heroes whether they are in the notes or not.” — RSJ, GMA Integrated News