BSP to issue plastic P1K bills by 2022

BSP to issue plastic P1K bills by 2022

By Glen S. Ramos

MANILA — The Bangko Sentral ng Pilipinas (BSP) will be issuing P1,000 bills made in polymer plastic as a test of its durability and also for hygiene purposes.
“This is on a limited basis only and we will be issuing it by the first half of 2022,” BSP Deputy Governor Mert Tangonan stated during a briefing held on October 25, 2021.

He said that they have considered the idea to look into the advantages of polymer banknotes due to the COVID-19 pandemic, because they have lower bacterial count than the cotton-based bills.

“It also lasts longer than paper money and more cost-effective.”

“The polymer banknotes will have a different set of security features, making them more difficult to counterfeit,” he added.

The BSP also claimed that plastic banknotes are more durable, more environment-friendly and with less ecological footprint.

“Polymer banknotes have an extended life span, at least 2.5 times longer, than paper banknotes,” Tangonan emphasized.

The P1,000 polymer plastic bills will be released on the first half of 2022.

The first country to use polymer banknotes is Australia, which is also the first to adopt its use due to its durability, difficult to tear and more resistant to folding and micro-organisms.

Presently, there are 20 countries using polymer plastic banknotes and according to them, the plastic bills work better in ATMs and automated sorting operations.

Although they are twice as expensive to produce, they last 2.5-4 times longer than notes printed on cotton-based substrate. (ai/mtvn)

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