PH paper banknotes featuring heroes will 'remain in circulation' — BSP

The Bangko Sentral ng Pilipinas (BSP) on Saturday reiterated that Philippine paper banknotes featuring the country's heroes will "remain in circulation" alongside new polymer bills, which has gained flak over its design focusing on flora and fauna.

In a statement, the BSP stood pat that Filipino heroes have been features of the country's coins and banknotes.

"The Bangko Sentral ng Pilipinas (BSP) reiterates that Philippine paper banknotes featuring the country's heroes remain in circulation," the central bank said.

The BSP added, "The banknotes with historical figures will circulate alongside the newly launched 'First Philippine Polymer Banknote Series,' which showcases the country's rich biodiversity."

The central bank issued the statement a day after the August Twenty-One Movement (ATOM) expressed disapproval of the BSP's decision, questioning the implications of omitting national heroes from banknotes.

"For more than two decades, the dictator's family has been hard at work trying to rewrite history and erase from our collective memory the heroes who bravely fought for our freedom," ATOM said.

ATOM was formed following the 1983 assassination of the late Senator Benigno "Ninoy" Aquino Jr., who is featured in the current P500-paper banknote along with his late wife, former President Corazon Aquino.

Kiko Aquino Dee, a grandson of the Ninoy and Cory Aquino, likewise expressed disappointment over the redesigned polymer banknotes, saying it was done "so they don't have to face our heroes while betraying their sacrifices."

Filipino identity

However, the central bank on Saturday said, "The BSP has always featured the country's heroes and natural wonders in banknotes and coins."

"Featuring different symbols of national pride on our banknotes and coins reflects numismatic dynamism and artistry and promotes appreciation of the Filipino identity," it added.

According to Jonathan Andal's report Friday on 24 Oras, the BSP said it would continue production of the paper banknotes featuring Filipino heroes and leaders.

During the unveiling of the First Philippine Polymer Banknote (FPP) Series on Thursday, President Ferdinand "Bongbong" Marcos Jr. himself reminded the public that paper banknotes "will continue to circulate and will remain valid."

In defense of the redesign, the BSP earlier emphasized the importance of showcasing various aspects of national pride.

"It will co-circulate so our paper banknotes featuring our Philippine heroes will still be there," said Mary Anne Lim, BSP assistant governor.

"Ang aming stance talaga ay parehas na importante sa ating kultura at sa ating history [Our stance is they are both important to our culture and to our history]. And so, both are being honored and celebrated through our banknotes," she added.

Flora and fauna

The polymer banknotes, introduced by the BSP with enhanced security and durability characteristics, feature the following designs:

• P1,000: Philippine Eagle and Sampaguita flower (released in April 2022),
• P500: Visayan Spotted Deer and Acanthephippium mantinianum,
• P100: Palawan Peacock-Pheasant and Ceratocentron fesselii,
• P50: Visayan Leopard Cat and Vidal’s lanutan.

Aside from Ninoy and Cory Aquino, the enhanced new-generation paper currency series of 2020 features Philippine leaders and heroes, including José Abad Santos, Vicente Lim, and Josefa Llanes Escoda in the P1,000 bill.

Other denominations highlight past presidents including Diosdado Macapagal, Manuel Roxas, and Sergio Osmeña.

Although the new polymer banknotes are more expensive to produce as they are printed in Australia, the BSP said these are more cost-efficient in the long run as they last longer than the paper banknotes.

Abaca farmers

In a social media post earlier this month, the BSP vowed to continue supporting the local abaca industry even with the introduction of new polymer banknotes.

"While polymer banknotes have been introduced, the existing paper banknotes will remain in circulation, and abaca will remain a key material for the paper banknotes," the BSP said.

Citing an unmet global demand for abaca which the local industry "can take advantage of," the BSP said it "strongly supports efforts to assist the country's abaca industry so it can benefit from this huge demand." It did not specify, however, which relevant abaca-related programs or initiatives it is supporting.

— VDV, GMA Integrated News