As Filipinos prepare to exchange crisp new bills as Christmas aguinaldo, the Bangko Sentral ng Pilipinas (BSP) is urging Filipinos to take care of the newly-issued polymer banknotes, highlighting their benefits while emphasizing their durability and security features.
BSP highlights advantages of new bank notes
The recent introduction this month of new polymer banknote denominations — 500-, 100-, and 50-peso polymer notes — follows the successful launch of the 1,000-peso polymer banknote in 2022.
Studies have shown that polymer banknotes are “smarter,” “cleaner,” and “stronger” than their paper counterparts.
“Smarter” translates to enhanced security features like flora and vertical clear windows, embossed mirrored denominations, and iridescent figures, significantly reducing counterfeiting.
Data reveals that documented counterfeits of the 1,000-peso polymer banknote are exceedingly rare, with only one per 82 million pieces, compared to one per 19,000 for paper banknotes.
“Cleaner” refers to the smooth, non-absorbent surface of polymer notes, making them resistant to dirt, water, and oil. This also allows for easier sanitization.
“Stronger” signifies their extended lifespan. Polymer banknotes can last up to 7.5 years, compared to just 1.5 years for paper notes. This durability reduces the need for frequent replacements, saving both resources and costs.
Moreover, polymer banknotes contribute less to climate change.
A study by De La Salle University found that their global warming potential is 38.36% lower than that of paper banknotes due to their longer lifespan, which minimizes resource consumption throughout their lifecycle.
Public acceptance of polymer banknotes has steadily increased. A BSP survey showed that 68.3% of respondents approved of the 1,000-peso polymer banknote, up from 38% the previous year.
Take good care of that new bill you receive as gift
While the holidays are a time for joy, giving, and celebration, it also presents an opportunity for cybercriminals to up the tempo of their text hijacking activities.
Earlier this year, the central bank has issued a stark warning to the public about a sophisticated scam known as “text hijacking,” a method used to deliver malicious messages disguised as legitimate communications to extort money from victims.
The BSP is also urging Filipinos to take good care of the new bills they receive as aguinaldo.
“Traditionally, during the holidays, especially Christmas, people prefer crisp and clean money,” said Maja Gratia Malic, Deputy Director of the BSP’s Currency Issue and Integrity Office. “It’s a tradition to give new bills, clean and presentable, not worn out or dirty.”
Malic advised the public to request crisp new bills from their banks. While demand for all denominations is high during the holidays, lower denominations like P20, P50, and P100 are particularly sought after for aguinaldo.
The BSP emphasizes the importance of handling banknotes with care. “Folding and crumpling the bills can damage the fibers,” Malic explained. “Water can cause significant damage, leading to disintegration and shortening the lifespan of the banknote.”
By taking good care of banknotes, Filipinos can contribute to a cleaner and more efficient currency system, making it easier to spot counterfeits and reducing the need for frequent reprinting.
This shift towards polymer banknotes aligns with a global trend. Over 40 countries worldwide have adopted polymer banknotes, recognizing their numerous advantages in terms of security, durability, and environmental sustainability.
As Filipinos embrace this modern currency, the BSP encourages them to appreciate the value of these innovative banknotes and handle them with care, ensuring they remain in good condition for years to come.