The Bangko Sentral ng Pilipinas (BSP) introduced the First Philippine Polymer (FPP) Banknote Series in a ceremony led by President Ferdinand Marcos Jr. at the President’s Hall in Malacañan Palace on December 19, 2024.
This event marked a significant milestone in the country’s monetary history as it featured the launch of the new polymer banknotes in different denominations.
This is an addition to the P1,000 pioneer polymer banknote.
New bills are P500, P100, and P50, which are set to enter circulation in the first quarter of 2025.
The FPP Banknote Series is celebrated for its “smarter, cleaner, and stronger features.” Unlike the traditional paper banknotes that depict the country’s heroes and natural wonders, the polymer series highlights the Philippines’ rich biodiversity, showcasing the pride of the country’s animals.
This shift underscores the BSP’s commitment to promoting national pride through numismatic artistry while fostering an appreciation of Filipino identity.
The launch of these polymer banknotes has elicited mixed reactions from various groups and individuals.
While the BSP views the new designs as a celebration of the country’s unique fauna, historian Prof. Xiao Chua expressed regret over the replacement of national heroes with animals and other features on the banknotes.
In his speech, President Marcos emphasized the practical benefits of the polymer banknotes, including enhanced resistance to counterfeiting and improved durability.
These features make the new notes not only aesthetically significant but also cost-efficient and secure.
The BSP previously announced that these polymer banknotes will circulate alongside the existing paper banknotes.
The central bank also highlighted its ongoing efforts to enhance the transmission of monetary policy and promote capital market development, aligning with its broader sustainability agenda.
As the Philippines continues to embrace digital transformation and sustainable development, the introduction of the polymer banknotes is a testament to the country’s forward-looking approach in public service delivery.
