No errors in new 1,000-piso polymer banknotes -- BSP

The Bangko Sentral ng Pilipinas (BSP) assured the public that when the P1,000-denominated polymer banknotes are circulated by April next year, it will show no errors or typos.

The BSP issued this statement after Bayan Muna Rep. Carlos Isagani Zarate over the weekend called BSP’s attention to correct “glaring errors” in the spelling of the Philippine eagle on the pre-design of the new plastic banknotes. Instead of “Pithecophaga jefferyi” the eagle’s scientific name was misspelled as “Pithecophaga jefforyi”.

“The BSP clarifies that the recently circulated photo of the new banknote was of a sample previously sent to the BSP for review. Necessary corrections have already been made, including the spelling and italicizing of the scientific name of the Philippine eagle,” said BSP. The same message was sent by BSP Governor Benjamin E. Diokno in Viber last Saturday, Dec. 11.

The design of the new P1,000 or also referred to as 1000-piso polymer banknote features the Philippine eagle, which "symbolizes clear vision, freedom, and strength," said the BSP. “This is the first note in a new series of Philippine currency that will focus on the country’s rich flora and fauna,” said the BSP.

Both the Monetary Board of BSP and President Duterte has approved the new design for the polymer banknote.

“The BSP will continue to update the public on developments on this matter,” said the BSP.

The Reserve Bank of Australia’s banknotes printing subsidiary will produce the polymer banknotes. It is expected to ship the first delivery of the P1,000 plastic money by mid-April 2022.

The BSP is introducing the environment-friendly, recyclable polymer banknotes because it is more hygienic and sanitary, and significantly cleaner. It also has enhanced security features because it is harder to counterfeit and more durable. It has a longer lifespan and cost-effective as well, with a smaller ecological footprint than paper banknotes.

Based on studies cited by the BSP, a polymer banknote has a cash cycle or a lifetime ratio of 4.8 times compared to paper which is usable only for eight to 18 months compared to about four years for polymer.

The BSP has been studying polymerization since 2008. There are now 57 countries that use of polymer substrates in their banknotes including Canada, Australia and New Zealand. Malaysia, Vietnam, Mexico, and Fiji are also using polymer banknotes.

The BSP said the test run next year will help the government discern banks and the public's demand for polymer banknotes versus its paper-made version.