The Bangko Sentral ng Pilipinas (BSP) has partnered with Note Printing Australia (NPA) in the initial rollout of modern polymer banknotes.
The new polymer banknote being printed by the subsidiary of the Reserve Bank of Australia is more durable and cost-effective because of its extended lifespan, more environmentally friendly because of its smaller carbon footprint and recyclability, and more hygienic and sanitary because of the shorter survival periods of viruses and bacteria on its surface.
The P1,000 banknotes also have advanced security features to further deter counterfeiting.
During a high-level event at the Manila residence of Australian Ambassador to the Philippines Steven J. Robinson AO, BSP Governor Benjamin Diokno received uncut 1000-Piso polymer banknotes from NPA CEO Malcolm McDowell.
The BSP is set to initially issue 10 million pieces of polymer P1,000 banknotes as part of a limited circulation test for this year.
Last year, the central bank revived plans to use plastic or polymer to print banknotes that is more hygienic amid the COVID-19 pandemic, more environment friendly as well as more durable and secure that the cotton and abaca fiber composite being used now.