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| BSP Governor Benjamin E. Diokno and Monetary Board members presented President Rodrigo Roa Duterte with the new 1000-Piso polymer banknote yesterday, April 7. Photo: BSP |
In a ceremony held yesterday, April 7, in Malacañang, the Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno and Monetary Board members presented President Rodrigo Roa Duterte with the new 1000-Piso polymer banknote.
The President's Office and the BSP Monetary Board have approved the issuance of the new polymer banknote, which will be released in stages beginning Monday, April 18, 2022.
"As the sole issuer of Philippine currency, and in line with best practices of central banks worldwide, the BSP periodically updates the material, design, and security features of our banknotes to ensure that they promote public well-being, be durable enough for longer-term use and incorporate the latest technology to prevent counterfeiting," Governor Diokno said.
This new banknote bolsters the BSP's efforts to address pressing public health and safety concerns resulting from the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting.
Polymer bills are more hygienic than paper banknotes because they can be sanitized with less risk of damage. Furthermore, according to scientific studies reviewed by the Department of Health, viruses and bacteria survive for shorter periods on polymer banknotes than on paper banknotes in tropical climates.
According to studies conducted by other countries, polymer banknotes have a lower carbon footprint because their production requires less water, energy, and other resources. Polymer banknotes have been reported to last at least 2.5 times longer than paper banknotes due to their resistance to water, oil, dirt, and general wear and tear in some countries.
The banknotes made from such material are more cost-effective in the long run due to their longer lifespan. They can also be recycled into useful products like compost bins, building components, furniture, and other household items.
Polymer banknotes, which use advanced technology, make counterfeiting much more difficult and costly. More intricate designs and enhanced security measures are consistent with the BSP's mandate of protecting the integrity of the Philippine currency.
The obverse side of the 1000-Piso polymer banknote depicts the Philippine Eagle and the Sampaguita, while the reverse side depicts the Tubbataha Reefs Natural Park, South Sea Pearl, and T'nalak weave design.
The new 1000-Piso polymer banknote and the current 1000-Piso paper banknote will be circulated, and both can be used for payment. (Source: BSP)