PH partners with Reserve Bank of Australia to produce polymer banknotes
The Bangko Sentral ng Pilipinas (BSP) is planning to begin the pilot circulation of 1000-peso polymer banknotes within the second quarter of the year after formally presenting the bills to President Rodrigo Duterte last Wednesday, April 6.
The BSP partnered with the Reserve Bank of Australia, and its subsidiary Note Printing Australia for the production of plastic-based banknotes. The first batch is set to arrive from Australia to the country this month.
The central bank explained that the circulation test will be done to determine the effects of “polymerization on hygiene and public health, environmental sustainability, as well as the lifespan, durability, and counterfeiting rates of our money.”
The BSP also noted that they are going to observe the release of the new banknotes to the domestic abaca industry as abaca has been used for banknotes since 2001.
The polymer banknotes will bear the image of a Philippine eagle on the front side and a depiction of a pearl from the Tubbataha Reefs National Park at the back.
If the polymer banknotes will be proven effective, the BSP is planning to fully issue the new bills to the public in 2023.
