Philippines’ 1,000-piso or P1,000 polymer banknote has won the “Best New Banknote Award” from the High Security PrintingTM Asia (HSPA) for 2023, the Bangko Sentral ng Pilipinas (BSP) said.

The award was announced in Colombo, Sri Lanka last Dec. 5, 2023.

According to the BSP, HSPA is a regional forum that features the latest technologies and techniques in producing and issuing banknotes, ePassports, ID cards, visas, and other secure documents across Asia.

“The ‘Best New Banknote Award’ is a category under HSPA’s regional Banknote of the Year Award, recognizing banknotes and series with outstanding design, technical sophistication, and security achievements. Considerable emphasis is placed on reflecting the cultural heritage and relevance of the overall design and symbolism to the issuing country,” said the BSP in a statement.

The country’s first and only polymer banknote denominated in P1,000 features the Philippine eagle, one of the rarest and most powerful birds of prey. It also features the national flower Sampaguita, along with the Tubbataha Reefs Natural Park and the South Sea Pearl.

Last May 2023, for the first time, the International Bank Note Society (IBNS) has also picked the BSP to win the “Banknote of the Year” award for its polymer bill.

The BSP circulated the dirt-free, water-resistant polymer bill last April 2022. It was printed by Note Printing Australia, a subsidiary of the Reserve Bank of Australia.

Meanwhile, the BSP has been consulting the academe to conduct several studies on the recycling process of polymer banknotes as part of its long-term plan of shifting to polymer currency.

The BSP in a report said it will seek the academe’s help to “encourage the generation of ideas and research proposals for the environment-friendly disposal of polymer banknotes.”

The BSP is also in talks with plastic producers and recyclers on its proper waste management.

The BSP said the ongoing study includes their best practices, the equipment used for destruction and upcycling, and the kinds of recycled products made from discarded polymer banknotes.

It has likewise “reached out” to several plastic manufacturers and recyclers to “engage them on the opportunities in waste polymer banknote recycling—a pioneering initiative— should a full shift to polymer banknotes be implemented.”

There are also social enterprises focused on plastic waste management that have indicated to BSP its interest in recycling polymer banknotes.

The BSP said it will tap a state university, possibly the University of the Philippines, to conduct studies on how to dispose and recycle polymer banknotes. The BSP will then share the results of these studies with plastic manufacturers and recyclers.

“This will pave the way for more recycling options that are driven by ‘green’ concepts and are consistent with the BSP’s sustainability goals in terms of currency production,” said the BSP.

For the BSP Security Plant Complex in Quezon City, its current operations of disposing unfit paper banknotes is to shred it and turn it into briquetted banknotes. The by products are used as an alternative fuel in the production of cement, said the BSP.

But for BSP’s regional offices, the common banknote destruction method is to dispose of the banknotes in landfills since it is biodegradable.

“Similar to paper banknotes, polymer banknotes are shredded at the end of their cash cycle. However, because polymer banknotes are plastic, they take a considerable amount of time to decompose, making landfill disposal less desirable,” said the BSP.

The preferred disposal of waste polymer banknotes is recycling, as is done in other countries such as Australia, Canada, and the United Kingdom.

The BSP is gradually releasing polymer banknotes to allow banks and the public time to get used to plastic-based bills. And, particularly for banks, to give the industry time to recalibrate their ATMs.

The phased circulation of plastic-based bills is also intended to allow the BSP time to assess the benefits and costs associated with a shift to polymer.