In a move aimed at quelling growing public concern, the Bangko Sentral ng Pilipinas (BSP) has emphatically reiterated that the nation’s paper banknotes, bearing the revered visages of Filipino heroes, will continue to circulate alongside the newly introduced polymer bills.
This assurance comes in the wake of mounting criticism over the polymer series’ focus on flora and fauna, a design choice perceived by some as a dilution of national historical identity.
BSP commits to continued use of national heroes in PH currency
The BSP’s statement had sought to address the anxieties raised by various groups, including the August Twenty-One Movement (ATOM), which voiced strong disapproval of the perceived shift away from featuring national heroes on the country’s currency.
ATOM, formed in the aftermath of Senator Benigno “Ninoy” Aquino Jr.’s assassination, expressed deep concern over the potential erasure of historical figures from public memory, particularly in light of what they described as decades of attempts to rewrite history.
“For more than two decades, the dictator’s family has been hard at work trying to rewrite history and erase from our collective memory the heroes who bravely fought for our freedom,” ATOM stated, highlighting the sensitive political undercurrents surrounding the issue.
Kiko Aquino Dee, grandson of Ninoy and Corazon Aquino, further amplified these sentiments, expressing disappointment that the new design seemingly avoids confronting the legacies of national heroes.
New polymer bank notes’ focus on the country’s rich biodiversity
The controversy centers on the BSP’s “First Philippine Polymer Banknote Series,” which showcases the country’s rich biodiversity.
The new bills feature the Philippine Eagle, Visayan Spotted Deer, Palawan Peacock-Pheasant, and Visayan Leopard Cat, among other flora and fauna. While the BSP defends the design as a celebration of national pride, critics argue it overshadows the historical figures who have traditionally graced the nation’s currency.
In its defense, the BSP emphasized that featuring national heroes and natural wonders on banknotes and coins is a long-standing practice. “The BSP has always featured the country’s heroes and natural wonders in banknotes and coins,” the central bank stated, adding that the new series reflects “numismatic dynamism and artistry” while promoting appreciation of Filipino identity.
President Ferdinand “Bongbong” Marcos Jr., during the unveiling of the polymer banknotes, also reassured the public that the paper bills would remain valid and in circulation.
BSP Assistant Governor Mary Anne Lim reiterated this, stressing the importance of both cultural and historical representation. “Our stance is they are both important to our culture and to our history. And so, both are being honored and celebrated through our banknotes,” she said.
The BSP also addressed concerns regarding the impact on the local abaca industry, a key component of paper banknote production. Despite the shift towards polymer, the central bank pledged to continue supporting the abaca sector, citing unmet global demand.
Furthermore, the BSP reminded banks to accept unfit or mutilated Philippine banknotes and coins from the public, offering free exchange for clean currency. This measure underscores the central bank’s commitment to maintaining the integrity of the national currency, which it views as a reflection of the country’s economic stability and public trust.
The introduction of the polymer banknotes, while intended to enhance security and durability, has ignited a national debate about the representation of Filipino identity. As the paper banknotes continue to circulate, the BSP faces the challenge of balancing innovation with the preservation of historical memory, ensuring that the nation’s heroes remain a tangible part of its daily life.
BSP to banks: Accept unfit and mutilated currency from the public
In a related development, the central bank has also issued a statement reminding all banks to accept unfit or mutilated Philippine banknotes and coins from the public.
Unfit currency should be exchanged — free of charge — for fit or clean banknotes and coins.
Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to facilitate the processing and submission of the public’s mutilated currency to the BSP for examination. To prevent further deterioration while in transit, banks are advised to place mutilated currency in appropriate containers.
What is considered unfit or mutilated currency?
- Paper and polymer banknotes are classified as unfit if they are dirty, soiled, limp, stained, have faded print or visible writings. They are considered mutilated if they are defaced or damaged by burns, tears, perforations, or missing parts due to insects, chemicals, extreme heat (such as fire), or other causes.
- Coins are considered unfit if they are bent, twisted, defaced, or corroded but their genuineness and denomination can still be determined. They are classified as mutilated if their genuineness or denomination can no longer be clearly determined due to burns, corrosion, filing, clipping, or perforation.
The central bank also encourages the public to properly use and recirculate fit or clean Philippine banknotes and coins as part of its ongoing efforts to preserve the integrity of the national currency, which reflects the country’s economic stability and trust.