The Philippines is making global waves, not just with its stunning beaches and vibrant culture, but with its currency. The Bangko Sentral ng Pilipinas’ (BSP) First Philippine Polymer Banknote Series (FPPBS) has officially been crowned the “Best New Banknote or Banknote Series“ by the prestigious International Association of Currency Affairs (IACA).
The award was presented at a ceremony in Bangkok, Thailand, on May 28, 2025, solidifying the Philippines’ position as a leader in innovative currency design and security.
This isn’t just an award; it’s a testament to the BSP’s forward-thinking approach to currency management. The IACA specifically lauded the FPPBS for its cutting-edge security features, its captivating overall design, and its ingenious incorporation of local elements, particularly the breathtaking flora and fauna endemic to the Philippine archipelago.
BSP’s polymer banknotes, a masterclass in security and artistry
The IACA’s commendation was effusive. “The FPPBS introduces innovative features that redefine currency security in the Philippines,” the organization stated. They highlighted how these “advanced security features are seamlessly integrated into the overall design, ensuring both functionality and aesthetic appeal. These elements create a robust and secure currency system.” In an age where counterfeiting is a persistent threat, the FPPBS stands as a formidable barrier, protecting the integrity of the nation’s financial system.
Beyond security, the aesthetic appeal of the new polymer notes also captured the judges’ attention. “The overall design of the Philippine polymer banknotes is captivating,” IACA added. The decision to feature iconic Philippine species not only “enhance[s] the banknotes’ aesthetic appeal” but also serves as a vibrant homage to the “Philippines’ rich culture and natural heritage.” Each note is a miniature canvas, celebrating the country’s unique biodiversity.
“This recognition affirms our commitment to innovation in currency design, ensuring that our banknotes meet the global standards of security and sustainability,” remarked BSP Deputy Governor for Payments and Currency Management Mamerto E. Tangonan. His statement underscores the BSP’s dedication to providing Filipinos with a currency that is not only secure but also environmentally conscious.
Smarter, cleaner, stronger: The polymer advantage
The journey to this global recognition began in 2022 with the initial issuance of the 1000-piso polymer banknote. Building on its success, the BSP rolled out the 500-, 100-, and 50-piso denominations in December 2024. These new polymer notes are designed to co-circulate seamlessly with the existing paper banknotes, making the transition smooth for everyone.
The benefits of polymer banknotes are manifold, often described as smarter, cleaner, and stronger. They are considered smarter due to their more advanced security features, offering superior protection against counterfeiting. They also boast a lower carbon footprint, aligning with global sustainability efforts.
In terms of hygiene, they are cleaner as they are significantly more resistant to dirt, moisture, and microbes—a crucial advantage in everyday transactions. And when it comes to durability, they are undeniably stronger, with a lifespan that is two to five times longer than traditional paper banknotes, offering greater value and reducing replacement costs.
A string of accolades
This latest IACA award is not the first time the BSP’s polymer currency has received international acclaim. The 1000-piso polymer banknote itself has a decorated history, having been named “Best New Banknote” for 2023 by High Security Printing™ Asia and earning the prestigious “Banknote of the Year” for 2022 from the International Banknote Society.
Furthermore, the BSP’s comprehensive communication campaign surrounding the launch of the 1000-piso polymer banknote also garnered recognition, bagging the “Best New Currency Public Engagement Program” from IACA in May 2023. This shows that beyond the technical and artistic excellence of the banknotes, the BSP has also excelled in educating the public about these important changes.
The International Association of Currency Affairs (IACA) is an independent non-profit organization dedicated to promoting excellence across the entire cash cycle. It serves as a vital platform for knowledge sharing and collaboration among its members, addressing matters of strategic importance within the currency industry. The IACA’s recognition of the FPPBS is a powerful endorsement, solidifying the Philippines’ polymer banknotes as a model for currency innovation worldwide.
