The Bangko Sentral ng Pilipinas (BSP) has recently garnered significant international acclaim, being honored with the prestigious “Currency Manager of the Year” award by Central Banking, a highly respected London-based institution.
This esteemed recognition underscores the BSP’s relentless dedication to ensuring a robust and reliable supply of banknotes that Filipinos can trust, vital for the nation’s dynamic and expanding economy. A standout initiative that sealed this global accolade was the BSP’s groundbreaking introduction and phased rollout of the polymer banknote series.
Partnerships, polymer banknotes drive award for BSP’s currency management
BSP Assistant Governor Mary Anne Lim (right) receives the “Currency Manager” Award on behalf of the BSP from Central Banking Awards Committee Chair Christopher Jeffery during the awarding ceremony in London (photo from Central Banking).
The Currency Manager of the Year award was officially announced on March 20, 2025, culminating in a ceremonial presentation held last June 11, 2025, where the BSP was celebrated among its peers on the world stage.
Central Banking, renowned for providing critical information, analysis, and training to over 140 central banks and their partners worldwide, highlighted the BSP’s forward-thinking approach to modern currency management.
A pivotal factor in the BSP’s triumph was its strategic international collaborations. Central Banking specifically acknowledged the agreements forged with Banque de France and Bundesdruckerei, Germany’s state-owned banknote producer, in November and October 2024, respectively.
These crucial partnerships encompass vital areas such as payments and currency management, security protocols, and advanced production techniques, showcasing the BSP’s commitment to leveraging global expertise to enhance its operations.
Furthermore, the central bank’s ongoing and productive collaboration with Note Printing Australia, a subsidiary of the Reserve Bank of Australia, was lauded for its instrumental role in the successful production of the Philippines’ pioneering polymer banknotes.
The new polymer banknotes has cemented BSP’s leadership in currency innovation and trust
The journey towards a more advanced currency system began with the initial issuance of the 1000-piso polymer banknote in 2022. Building on this success, the BSP systematically expanded the polymer series, introducing the 500-, 100-, and 50-piso denominations in December 2024. This strategic expansion is rooted in the “smarter, cleaner, stronger” advantages that polymer notes offer, addressing both security concerns and practical everyday use.
As BSP Governor Eli M. Remolona, Jr. articulated in a recorded message shared on Central Banking’s website, “Banknotes remain vital in our developing economy. We’re committed to ensuring our people have enough of them and have faith in them.” His statement powerfully encapsulates the central bank’s core mission to provide a trustworthy and efficient medium of exchange for all economic transactions.
Accepting the prestigious award on behalf of the BSP, Assistant Governor Mary Anne Lim emphasized the collaborative spirit behind their success. “Our collaborative efforts with fellow central banks and government-owned printworks have made our currency management robust and resilient,” she stated, highlighting the importance of international cooperation in strengthening national financial infrastructure.
While the innovative polymer notes are progressively integrating into daily circulation, the BSP has confirmed its commitment to a co-circulation strategy, meaning paper banknotes will continue to be produced and used alongside their polymer counterparts. This ensures a smooth transition and caters to the diverse preferences and needs of the public.
Cementing BSP’s global leadership in currency innovation and trust
The advantages of the polymer series are clear: they are “smarter” due to enhanced security features that offer better protection against counterfeiting; “cleaner” by being more hygienic and environmentally friendly; and “stronger,” boasting a lifespan two to five times longer than traditional paper banknotes, leading to significant cost savings and reduced environmental impact over time.
This recent accolade is not an isolated incident but rather another testament to the BSP’s growing reputation for excellence and innovation. In May 2025, the International Association of Currency Affairs (IACA) also bestowed upon the BSP the “Best New Banknote or Banknote Series“ award for its First Philippine Polymer Banknote Series.
In May 2024, the IACA also recognized the BSP with the “Best Re-Circulation/Distribution Initiative or Innovation“ for its widely successful Coin Deposit Machine project, which has revolutionized coin recycling and financial inclusion across the archipelago.
Furthermore, BSP Governor Remolona himself received an impressive “A- rating“ from the highly regarded Global Finance magazine in August 2024, acknowledging his effective leadership and sound monetary policy management.
The “Currency Manager of the Year” award from Central Banking is a powerful affirmation of the BSP’s strategic vision and operational excellence. It reinforces the confidence of the global financial community in the Philippines’ currency management practices and sets a high benchmark for central banks striving for innovation, security, and public trust in their monetary systems.
