Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Thursday the bank will release the new 1000-piso polymer banknotes this month.
Diokno said in an online briefing the banknotes, which would coexist with the current 1000-peso bills circulating in the financial system, would be available on April 18.
“Initially, they will be available over the counter… but [sooner] in about six months they will be available in ATMs,” Diokno said.
Diokno said banks should reconfigure their ATMs for this purpose, although it could not be done in a short period. “But the six months is the maximum [period for them to reconfigure their ATMs],” Diokno said.
Diokno and the rest of Monetary Board members on Wednesday presented the new 1000-peso polymer banknote to President Rodrigo Duterte in a ceremony at Malacañang.
The Office of the President and the Monetary Board approved the issuance of the new polymer banknote, which the BSP will release in phases, starting April 18.
Diokno said 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 banknotes to ensure that they promote public well-being, be durable enough for longer-term use and incorporate the latest technology to prevent counterfeiting.
The new banknote strengthens the BSP’s efforts to respond to pressing public health and safety concerns due to the COVID-19 pandemic, promote environmental sustainability and deter counterfeiting, he said.
Polymer bills can be sanitized with less risk of damage, making them a more hygienic alternative to paper banknotes. Scientific studies reviewed by the Department of Health found that in temperatures typical of tropical climates, viruses and bacteria survive for shorter periods on polymer compared to paper banknotes.
Studies conducted by other countries show that polymer banknotes have a smaller carbon footprint as their production requires less water, energy and other resources. Some countries reported that polymer banknotes last at least 2.5 times longer than paper banknotes, given their resistance to water, oil, dirt and general wear and tear. Julito G. Rada
The extended lifespan makes polymer banknotes more cost-effective in the long run. They can also be recycled into other useful forms, such as compost bins, building components, furniture and other household products.
Using advanced technology, polymer banknotes make counterfeiting significantly more difficult and costly. More intricate designs and stronger security measures are in line with the BSP’s mandate of safeguarding the integrity of Philippine currency.
The design of the 1000-piso polymer banknote features the Philippine Eagle and the Sampaguita on the obverse side; and the Tubbataha Reefs Natural Park, South Sea Pearl and T’nalak weave design on the reverse side.