The Bangko Sentral ng Pilipinas (BSP) unveiled the First Philippine Polymer Banknote (FPP) Series on Thursday, December 19, 2024, featuring new banknote designs after the release of the P1,000 polymer banknote into circulation in 2022. 

“Polymer banknotes are smarter, cleaner, and stronger. Smarter because they have advanced anti-counterfeiting features and a smaller carbon footprint. Cleaner because viruses and bacteria do not survive as long on polymer than on paper. Stronger because they last longer than their paper counterparts,” said BSP Governor Eli M. Remolona in a ceremony at Malacañang. 

According to a report in GMA News Online, the new polymer banknote denominations come in P500, P100, and P50 which showcases images of native and protective species as well as local weave designs. 

The P1,000 polymer banknote released in April 2022 featured the Philippine eagle. But for the new polymer banknotes, the P500 will have the Visayan spotted deer, the P100 will boast the Palawan peacock-pheasant, and the P50 will showcase the Visayan leopard cat. 

The new polymer banknote denominations are set to enter into circulation in the first quarter of 2025. But the BSP said that from December 23, these will be available in limited quantities in the Greater Manila Area. 

For his part, President Ferdinand "Bongbong" Marcos Jr. reminded the public that the paper banknotes will still remain in circulation. 

“By upgrading our currency, we are making sure that every hard-earned peso stays safe, whether it is saved, whether it is spent, or whether it is invested,”  he said. 

“I would like to take this chance to remind everyone: Our paper banknotes will continue to circulate and will remain valid,” Marcos added. 

“So, there is no need to worry about that, the cash in your wallet still has its value. The polymer banknotes are simply a step forward—stronger, more durable, better suited for today’s demands, while still preserving the essence of what makes our currency truly Filipino.” 

Despite the criticisms on the P1,000 polymer banknote, it was awarded “Banknote of the Year” by global non-profit organization International Banknote Society in 2023.

HOW ABOUT P200 AND P20?

The BSP, on the other hand, said that P200 and P20 denominations will not be part of the polymer series. 

“The P20-Piso New Generation Currency (NGC) banknotes are currently being removed from circulation through natural attrition after the introduction of the 20-Piso NGC coin,” said BSP in a separate statement. 

“On the other hand, the end of the production for 200-piso New Generation Currency (NGC) banknotes was approved in 2021 due to low usage since its launch in 2010,” it added. “The 200-piso NGC banknote shall remain legal tender until it becomes unfit for recirculation.” 

REPLACING HEROES WITH WILDLIFE

The August Twenty-One Movement (ATOM), established after the assassination of former Senator Benigno "Ninoy" Aquino Jr., has expressed disapproval of the Bangko Sentral ng Pilipinas' (BSP) decision to replace images of  Philippine heroes with local wildlife in its new series of polymer banknotes.

In a statement, ATOM questioned the implications of omitting national heroes from the banknotes.

“Seriously, are we really going to forget those who have fallen during the night? Do we really want a country devoid of heroes? Are they trying to make us forget that the blood of heroes runs in our veins so they  can replace it with the blood of slaves and let tyrants rule again?” the group asked in a statement.

ATOM thus urged Filipinos to continue honoring the memory and legacy of national heroes.

“May the legacy and spirit of all our martyrs and leaders about to be  removed from our bills continue to be remembered and serve as  inspiration in the hearts of our people.”

The polymer banknotes, introduced by the BSP with enhanced security and durability characteristics, feature the following designs:
P1,000: Philippine Eagle (released in April 2022) and Sampaguita flower,
P500: Visayan Spotted Deer and Acanthephippium mantinianum,
P100: Palawan Peacock-Pheasant and Ceratocentron fesselii,
P50: Visayan Leopard Cat and Vidal’s lanutan.

The BSP explained that while the polymer series highlights the country’s biodiversity, the paper banknotes—featuring Philippine heroes—would remain valid and in circulation.

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

“Featuring different symbols of national pride in our banknotes and coins reflects numismatic dynamism and artistry and promotes appreciation of the Filipino identity,” the central bank said in a statement.

The enhanced new-generation paper currency series of 2020 still features Philippine leaders and heroes, such as: José Abad Santos, Vicente Lim, and Josefa Llanes Escoda in the P1,000 bill; and Ninoy and Corazon Aquino in the P500 bill.

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

(with reports from Vince Angelo Ferreras, GMA Integrated News)