P50, P100, P500 polymer banknotes released today

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) said it will circulate limited quantities of its first Philippine polymer (FPP) banknote series starting today, with 70 to 90 million pieces allocated for each of the P500, P100 and P50 denominations.

The FPP series will be available in the Greater Manila area. Shortly thereafter, it will be released to the rest of the country.

The new denominations may be withdrawn over the counter in banks. Later, the P500 and P100 polymer banknotes will also be available through automated teller machines.

BSP Assistant Governor Mary Anne Lim said the initial launch of the polymer banknote series follows the earlier release of the central bank’s P1,000 polymer bill.

“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,” Lim said. “In the coming years, especially in 2025, we will have more quantities of the P500, P100 and P50.”

The central bank clarified that there are no plans to phase out paper banknotes, which will continue to be produced and include abaca fiber.

Both the paper and polymer series will co-circulate to meet public demand for currency supply.

“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,” Lim said.

The initial batch of polymer banknotes has been produced in collaboration with the Reserve Bank of Australia’s Note Printing Australia.

While polymer notes are more expensive to produce than paper notes due to their plastic substrate, their extended lifespan makes them more cost-effective in the long run by reducing replacement costs.

According to Lim, the BSP carefully examined how other countries transitioned from paper to polymer banknotes.

Showcasing the Philippines’ rich biodiversity and cultural heritage, the P1000, P500, P100 and P50 denominations of the FPP series feature images of native and protected species in the country alongside traditional local weave designs.

Central banks globally typically change the designs of their banknotes for various reasons, including security against counterfeiting. Many change them about every 10 years.

Certain quarters have questioned the elimination of heroes and historical figures from Philippine banknotes.