These new "plastic" notes will initially be released in Metro Manila before being distributed to other parts of the country.
The new polymer banknotes can be obtained from banks via over-the-counter withdrawals. They will also soon be available from automated teller machines (ATMs).
"Since this is an initial launch of the polymer banknote series, we will have limited quantities in about 70 to 90 million per denomination for the P500, P100 and the P50. In the coming years, especially in 2025, we will have more quantities of the P500, P100 and P50," said Assistant Governor Mary Anne Lim of the Bangko Sentral ng Pilipinas (BSP).
Paper money featuring the faces of Philippine heroes will continue to be used even as the polymer banknotes enter circulation, according to Lim.
"It has always been the position of BSP that both feature the national heroes and the rich biodiversity of the Philippines - who are flora and fauna. Both are equally important and deserve to be recognized," said Lim.
The first batch of polymer banknotes was produced in collaboration with Note Printing Australia of the Reserve Bank of Australia.
For queries about the Philippine polymer banknotes, you can visit this website: Click the link (bit.ly/PolymerPH) or scan the QR code for additional information about the FPP Banknote Series.
(Photos by BSP)
