The Bangko Sentral ng Pilipinas (BSP) is touting the success of its polymer banknotes, highlighting their significantly lower counterfeit rates in addition to environmental and practical benefits.
In a statement on Thursday, Dec. 26, the BSP said that one of the key findings following the launch of the 1000-piso polymer note in April 2022 was the dramatic reduction in counterfeiting.
Data from the BSP revealed that counterfeit 1000-piso polymer banknotes were found at only one per 82 million pieces in circulation, significantly lower than the previous paper version, which had a counterfeiting rate of one per 19,000 notes.
The BSP attributed the lower counterfeit rates to the advanced security features embedded in the polymer notes, such as clear windows, embossed denominations, and iridescent figures, which are difficult to replicate.
The BSP recently found itself at the center of a public debate following the release of its new polymer banknotes, with some sectors expressing concerns over the absence of images featuring Filipino heroes.
The BSP clarified that the new polymer series, which showcases the country's biodiversity, will circulate alongside existing paper banknotes that feature historical figures.
Beyond security, polymer banknotes offer several advantages. The BSP cited a De La Salle University study that showed the 1000-piso polymer banknote has a 38.36 percent lower global warming potential than its paper counterpart due to its longer lifespan.
This aligns with findings from other central banks that have adopted polymer currency, including the Bank of England and Bank of Canada, the BSP said.
The BSP also emphasized the hygiene and durability of polymer notes.
Their smooth, non-absorbent surfaces make them resistant to water and dirt, and they can be easily sanitized. Furthermore, polymer banknotes last much longer than paper notes – up to 7.5 years compared to 1.5 years – which translates to fewer replacements and reduced costs.
Public acceptance of polymer banknotes in the Philippines has been steadily growing. A recent BSP survey showed that 68.3 percent of respondents who were aware of the 1000-piso polymer banknote approved of it, with 61.3 percent expressing support for the overall shift to polymer currency.
The Philippines joins a growing number of countries – over 40 worldwide – that have embraced polymer banknotes.