President Ferdinand R. Marcos Jr. announced the launch of a new series of polymer banknotes during a ceremony at Malacañan Palace in Manila, marking a significant upgrade to the Philippine currency. The new series includes denominations of PHP1,000, PHP500, PHP100, and PHP50, set to circulate starting in the first quarter of 2025. Marcos emphasized that these polymer notes are designed to be more secure, durable, and environmentally friendly compared to traditional paper bills.
The introduction of the PHP1,000 polymer note in April 2022 paved the way for this broader adoption of polymer technology. Marcos highlighted that polymer banknotes can last up to seven and a half years, significantly longer than the one to one and a half years lifespan of paper notes. This durability not only reduces the frequency of replacements but also contributes to environmental conservation by minimizing waste.
Marcos also pointed out the enhanced security features of the polymer notes, which are intended to deter counterfeiting. He referenced the success of polymer banknotes in reducing counterfeit activities in countries like Malaysia and Vietnam. The President stressed that these new notes would protect the integrity of the Philippine peso, ensuring that every peso remains safe whether saved, spent, or invested.
Despite the shift to polymer, Marcos reassured the public that existing paper banknotes would continue to be valid and circulate alongside the new polymer notes. He also mentioned that the new polymer series would be available in limited quantities in greater Manila by December 23, with nationwide availability starting in January 2025. The new notes will be accessible through banks and ATMs.
The President expressed enthusiasm about the new banknotes, noting they would add excitement during the Christmas season, particularly for children receiving their ‘aginlado’ or gifts. The Bangko Sentral ng Pilipinas (BSP) described the new series as ‘smarter, cleaner, and stronger,’ emphasizing their resistance to counterfeiting and improved durability.