The Bangko Sentral ng Pilipinas (BSP) will start releasing the new 1000-peso polymer banknotes next week after being presented to and approved by President Rodrigo Durterte on Wednesday night.
In a statement, the BSP said the new 1000-peso polymer banknotes will be “released in phases” starting April 18, Monday.
On Wednesday night, BSP Governor Benjamin Diokno and Monetary Board members presented the new 1000-Piso polymer banknote to President Duterte in a ceremony held in Malacañang, where the new banknotes were given the approval for issuance as legal tender.
The BSP has earlier clarified that the 1000-peso paper banknote featuring Jose Abad Santos, Vicente Lim, and Josefa Llanes Escoda still remains in circulation alongside the new 1000-Piso polymer banknote.
“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,” Diokno said.
The BSP has earlier bared the design of the 1000-Piso polymer banknote, featuring 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.
“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,” the governor said.
“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,” he added.
The BSP also noted that 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 BSP said.