MANILA: The Banko Sentral ng Pilipinas (BSP) cited studies showing that the newly-released polymer banknotes are more effective in preventing counterfeits.
It also asserted that the latest designs of the polymer bills are “smarter, cleaner and stronger.”
The BSP was defending its decisions after the fresh polymer banknotes met backlash from the public, who questioned why portraits of national heroes from the old designs were removed.
According to the BSP, its study found that the redesigned P1,000-bill in April 2022 incorporated advanced security features that reduce the risk of counterfeiting. It likewise said that only 10 counterfeits were discovered out of the 825.4 million polymer money in circulation from 2022 to November 2024, still citing the same study.
“Moreover, these counterfeits were of low quality, as their elements poorly matched the advanced security features of polymer banknotes,” the BSP noted.
“In contrast, documented counterfeits of the 1,000-peso paper banknotes stood at one per 19,000 (98,316 out of 1.86 billion),” it added.
The BSP likewise cited a study conducted by De La Salle University’s Center for Engineering and Sustainable Development Research in 2023 which showed that the global warming potential (GWP) of the 1,000-peso polymer banknote is 38.36 per cent lower than that of its paper counterpart.
“The lower GWP is attributed to the longer lifespan of polymer banknotes, which reduces the consumption of resources, such as electricity, throughout their life cycle,” the central bank said.
The BSP further argued that the new polymer banknotes are less likely to get damaged or dirty and can also be sanitized with less risk of damage — which the Department of Health confirmed.
Research also shows that polymer banknotes have a longer lifespan of 7.5 years, compared to the 1.5 average years of paper banknotes, according to the central bank.
Based on the nationwide Consumer Expectation Survey in the first quarter of 2024, the BSP said 68.3 per cent of respondents who were aware of the 1,000-peso polymer banknote approved of it—up from 38 per cent logged in the same period of the previous year.
The BSP also said that the same survey indicated that 61.3 per cent of respondents supported the overall initiative of Philippine banknote polymerisation, higher than the 10.9 per cent recorded in the 2023 survey.
More than 40 countries worldwide use polymer banknotes, which “underscore the global trend toward this smarter, cleaner, and stronger alternative,” the BSP stressed. - Philippine Daily Inquirer/ANN
