President Ferdinand R. Marcos, Jr. spoke with pride and passion when Bangko Sentral ng Pilipinas (BSP) staged a nationally publicised launch of the 500, 100 and 50 Peso banknotes, joining the 1000 Peso and thus completing the new polymer banknotes series. The event was held on 19 December 2024 also included a speech by Governor Eli M. Remolona, Jr.
Watch the video of the Official Launch event featuring President Marcos and Governor Remolona. (19 December 2024)
Visit BSP’s dedicated website for its new polymer banknote series.
Watch the Official BSP Press Conference (20 December 2024)
President Ferdinand R. Marcos, Jr - shown here with BSP Assistant Governors and the Monetary Board - officially launched the new polymer banknote family to The Philippines and in the process delivered a powerful message that linked the new banknote family with the nation’s future by being “practical, innovative and deeply meaningful”.
The President delivered a passionate, proud and at times humorous speech about the introduction of the new polymer banknote series and all the benefits that the Philippines will experience. Some extracts from his speech include the following statements:
Today I stand before you with pride as we unveil the first Philippine polymer banknote series, a groundbreaking step that embodies the strength, ingenuity and forward momentum of our nation.
This marks an historic moment for a country. It builds on the success of the 1000 peso introduced April 2022 and aligns with the global best practice of updating currency features every 10 years. Over 40 countries including Australia, Canada, United Kingdom, and Singapore have adopted polymer banknotes due to their proven benefits. Today the Philippines proudly joins their ranks ensuring that our currency remains secure, durable and sustainable.
Polymer bank notes are designed to keep up with the demands of everyday life. Unlike paper bills which wear out after about a year or a year and a half, polymer banknotes can last up to 7 1/2 years or five times longer 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.
Department of Health is confirmed studies that found polymer banknotes are much cleaner than paper ones. 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 a damp cloth without any damage to the bank note whatsoever.
Counterfeiting has always been a problem for economy throughout the world but polymer bank notes are a notable progressive change. Their advanced security features make them more difficult to replicate. Notably countries like Malaysia and Vietnam I’ve seen notable drops in counterfeiting by switching to such polymer notes. 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’s invested.
The President went on to describe each banknote in the series, talking about the symbolism of each portrait and how it relates to the Filipino public and the national culture, society and its aspirations.
The polymer banknotes are simply a step forward, stronger, more durable, better suited to today’s demands while still preserving the essence of what makes our currency truly Filipino. I commend of course the Bangko Sentral ng Pilipinas for its leadership and foresight in this important milestone. The introduction of the first Philippine polymer banknote series reflects the progress we are making as a Bagong Pilipinas (translation: New Philippines): practical, innovative and deeply meaningful.
“As we hold these new banknotes let us be reminded of the values that we carry, the dreams that we pursue, and the future that we strive to build together.”
The following day, the BSP conducted a press conference in which Assistant Governor Currency and Securities Production Sub-Sector Mary Anne P. Lim presented the new banknote series to the media and fielded a wide range of questions. Director Banknotes and Securities Production Management Department Sarah Severina C. Curtis, responsible for the issuance of the polymer banknote series, also participated in this conference by explaining the features of the polymer banknotes.