The Bangko Sentral ng Pilipinas (BSP) is moving forward with releasing polymer bills for other denominations, citing “positive results” from its circulation test of the P1,000 banknotes.
BSP Deputy Governor Francisco Dakila, Jr. relayed this to Senator Grace Poe during Thursday’s budget deliberations on the proposed 2025 budget.
Senate Minority Leader Aquilino “Koko” Pimentel III, who had previously criticized the “impractical” polymer notes, questioned whether the P1,000 polymer bills were “still an experiment or pilot testing.”
Poe, speaking on behalf of Dakila, said the circulation test produced successful results.
“In view of the results, the positive ones, of the circulation test of the 1,000 piso polymer bank note, the BSP’s planning the release of polymer bank notes in other denominations,” Poe said.
“This is consistent with global best practice of updating currency designs and materials about every 10 years. This is also in response to the public need for bank notes that can be safely sanitized, more durable, and more cost-effective,” she added.
Pimentel clarified if this was a final decision of the BSP.
“From P1,000, ang next is P500 gagawin nating polymer?” he asked.
“The Monetary Board approved it,” Poe said.
She said while the BSP does not have a budget allocation as it generates its own income, its representatives attended the deliberations to address questions regarding the fundamental principles behind the spending plan.
The BSP began circulating the P1,000 polymer banknote in April 2022, alongside paper bills. Amid criticisms that polymer notes are sensitive to crumpling and folding, the BSP maintained that these are more sustainable, sanitary, durable, and cost-effective than the bills made from abaca content.
