The Bangko Sentral ng Pilipinas (BSP) has announced that it will release its first polymer banknote series in the first quarter of 2025.
In a Facebook post, the BSP stated that it is preparing for the release of the First Philippine Polymer (FPP) Banknote Series that have “smarter, cleaner, and stronger features.” The Philippines’ central bank also noted that despite the introduction of these new banknotes, traditional paper bills will remain in circulation.
“Paper banknotes shall remain legal tender,” the BSP said in a statement on December 4.
The transition to the new banknotes will be gradual and smooth, allowing the public ample time to adjust.
Meanwhile, the polymer series will feature designs highlighting Philippine biodiversity, distinguishing them from the paper banknotes that showcase the country’s heroes and natural wonders.
“Featuring different symbols of national pride in our banknotes and coins reflects numismatic dynamism and artistry and promotes appreciation of the Filipino identity,” said the BSP.
In April 2022, the BSP introduced the P1,000 polymer banknote, circulating it alongside the existing paper bills that are made from abaca.
Related story: Bangko Sentral ng Pilipinas to release polymer notes for other denominations
