(Photo of the Central Bank of the Philippines)
President Ferdinand Marcos, Jr. spearheaded the introduction of the first Philippine Polymer Banknotes Series at Malacañang yesterday, December 19, 2024.
The new "plastic" money will be released into circulation and will be used in the country as payment beginning in the early part of 2025.
Current Philippine paper money will not be demonetized or removed from circulation even after the release of the polymer banknotes.
The design of the polymer banknotes is different, showcasing the rich biodiversity and cultural heritage of the Philippines, rather than the faces of heroes.
"The polymer series raises awareness of the country's threatened species, serves as a symbol of Filipino identity, and fosters national pride," according to the Governor of the Central Bank, Eli Remolona, Jr.
The P50 polymer banknote features the Visayan leopard cat and Vidal's woolly bat. Also depicted are the Taal Lake, native maliputo fish, and Batangas embroidery design.
(Screenshot from the RTVM video)
The P100 polymer banknote displays the Palawan peacock-pheasant and Ceratocentron fesselii. Also shown are the Mayon Volcano, whale shark, and Bicol Region weave design.
(Screenshot from the RTVM video)
The P500 polymer banknote shows the Visayan spotted deer and Acanthephippium mantinianum. Also included are the Puerto Princesa Subterranean River National Park, blue-naped parrot, and the southern Philippine weave design.
(Screenshot from the RTVM video)
The P1000 polymer banknote features the Philippine eagle and the sampaguita flower. Also shown are the Tubbataha Reefs Natural Park, South Sea pearl, and the T'nalak weave design.
The new polymer banknotes are cleaner, more durable, and harder to counterfeit, according to Marcos. They won't easily deteriorate or age and can last up to seven and a half years, which is five times longer than the current paper money.
"And that means we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment," said the President.
