The regulator underscored how the shift could be a cost saving strategy.
The shift from paper to polymer banknotes is seen to deliver P2.4 billion in savings for the BSP.
A bank official said using polymer instead of paper for making banknotes would bring in cheaper replacement costs and lesser manufacturing costs.
The BSP said polymer lifespan range from 2.5 times to 4 times longer than that of paper, which translates to production savings amount of P1.26 billion to P2.4 billion. Currently, peso notes are printed by facilities that can only produce paper-based banknotes at this time.