Upgrading the Philippine currency ensures that every hard-earned peso, whether saved or invested, stays safe, President Marcos said.
"By upgrading our currency, we are making sure that every hard-earned peso stays safe, whether it is saved, whether it is spent, or whether it is invested," Marcos said as he led the unveiling of the first Philippine polymer banknotes series in Malacañan on Thursday evening, Dec. 19.
In a ceremony at the Palace, Marcos unveiled the new polymer banknote series, which included the 1000, 500, 100, and 50-peso denominations.
Marcos stressed that one of the key advantages of the upgrade is security, saying that polymer banknotes are a notable progressive change, eliminating counterfeiting.
"Their advanced security features make it more difficult to replicate. Notably, countries like Malaysia and Vietnam have seen significant drops in counterfeiting after switching to such polymer notes," Marcos said.
The first Philippine polymer banknote series builds on the success of the P1,000 polymer note introduced in April 2022 and aligns with the global best practice of updating currency features every 10 years, Marcos also said.
Over 40 countries, including Australia, Canada, the United Kingdom, and Singapore, have adopted polymer banknotes due to their proven benefits. The Philippines joins their ranks, Marcos said, ensuring that the currency remains secure, durable, and sustainable.
"Polymer banknotes are designed to keep up with the demands of everyday life. Unlike paper bills, which wear out after about a year, a year and a half, polymer banknotes can last up to seven and a half years—five times longer," Marcos stressed.
"And that means we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment," he added.
'You can fold it'
In his speech, Marcos also addressed one of the frequently asked questions when the P1,000 polymer note was introduced—can people fold it and still has value.
"For those who like to keep their bills neatly tucked in their wallets or pockets, you do not have to worry. You can fold the polymer banknotes, and they will be accepted and circulated. It will--- papasok ito sa machine (go through the machine)," he said.
The President also cited another advantage of the polymer banknotes, saying they are much cleaner than paper ones, which can carry germs, bacteria, and even viruses.
"Thanks to their smooth, non-absorbent surfaces, they are less likely to hold onto harmful pathogens. And if they do get dirty, you can easily wipe them off with a damp cloth without any damage to banknote, whatsoever," he said.
New look
Unlike the old paper bills, which feature significant personalities in the country's history, the new banknotes now only highlight the country's rich biodiversity.
Malacañang said "this shift reflects the Bangko Sentral ng Pilipinas' (BSP) commitment to promoting national pride through numismatic artistry while fostering an appreciation of Filipino identity."
The 500-piso note features the Visayan spotted deer, a creature found only in the rainforests of Panay and in Negros. It symbolizes clarity and sharpness.
The 100-piso note showcases the Palawan peacock-pheasant, a bird whose elegance mirrors the grace we show even in challenging times, whether it is showing kindness to others or finding beauty in the ordinary.
On the 50-peso note, the Visayan leopard cat stands as a symbol of independence and of agility.
"Beyond featuring our biodiversity, these notes honor the everyday culture that we live and that we see around us," Marcos said.
"The intricate weave patterns carry the stories of families, communities, and generations who have kept these traditions alive through their hands and hard work," he added.
Your cash still has value
The President also reminded the public that despite the introduction of new banknotes, the old ones still have value, allaying fears that the Philippine paper bills will no longer be accepted everywhere.
"I would like to take this chance to remind everyone: Our paper banknotes will continue to circulate and will remain valid," he said.
"So, there is no need to worry about that, the cash in your wallet is --- still has its value. The polymer banknotes are simply a step forward—stronger, more durable, better suited for today’s demands, while still preserving the essence of what makes our currency truly Filipino," Marcos added.