PRESIDENT Ferdinand Marcos Jr. on Thursday led the unveiling of the first Philippine polymer banknote series featuring enhanced security and durability, which will be available in circulation in the first quarter of 2025.
In his speech, the president described the introduction of the polymer banknotes as “a groundbreaking step that embodies the strength, ingenuity, and forward momentum of our nation.”
“The first Philippine polymer banknote series, which includes the 1000, 500, 100, and 50-peso denominations, marks a historic moment for our country. It builds on the success of the one-thousand-peso polymer note introduced in April of 2022 and aligns with the global best practice of updating currency features every 10 years,” Marcos said.
MORE DURABLE The new bills will be circulated early next year. MPC PHOTO
MORE DURABLE The new bills will be circulated early next year. MPC PHOTO
The president said the Philippines joined over 40 countries, including Australia, Canada, the United Kingdom, and Singapore, in adopting polymer banknotes due to their proven benefits, ensuring that the country’s currency remains secure, durable, and sustainable.
“Polymer banknotes are designed to keep up with the demands of everyday life. Unlike paper bills, which wear out after about a year, a year and a half, polymer banknotes can last up to seven and a half years — five times longer,” Marcos said.
“And that means we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment,” he added.
Marcos also enumerated other benefits of using polymer banknotes in connection with health and hygiene, citing a study of the Department of Health finding polymer banknotes are cleaner than paper bills.
He said using polymers bills also fights counterfeiting.
“Their advanced security features make it more difficult to replicate. Notably, countries like Malaysia and Vietnam have seen significant drops in counterfeiting after switching to such polymer notes,” Marcos said.
The president said that paper banknotes would continue to circulate and remain valid.
The one thousand-peso polymer banknote carrying the image of the Philippine eagle, stands for the strength, freedom, and sharp vision of Filipinos, the president said.
Marcos said the five-hundred-peso note featured the Visayan spotted deer symbolizing clarity and sharpness. The one-hundred-peso note, on the other hand, showcases the Palawan peacock-pheasant, mirroring Filipinos’ grace even in challenging times.
The fifty-peso note which features the Visayan leopard cat symbolizes independence and agility, “traits that we live every day,” the president said.
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