The P1,000 Polymer Banknote Is Smarter and Tougher and Counterfeiters Hate It
The Bangko Sentral ng Pilipinas (BSP) has released the country’s first polymer banknotes: the new P1,000 bill.
According to the BSP, the new polymer banknote is a response to the pressing public health and safety concerns due to the COVID-19 pandemic.
“Polymer bills can be sanitized with less risk of damage, making them a more hygienic alternative to paper banknotes,” the BSP said.
The BSP is pushing for the use of polymer banknotes since it is less susceptible to viral and bacterial transmission, and can be sanitized without damaging the 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.
According to studies conducted by other countries, polymer banknotes have a smaller carbon footprint as their production requires less water, energy, and other resources,” the BSP added.
Counterfeiters Hate Polymer Banknotes
Another reason why the BSP has shifted to using polymer banknotes for the P1,000 bill is to deter counterfeiters from reproducing the bill.
“Polymer banknotes make counterfeiting significantly more difficult and costly,” explained the BSP.
“More intricate designs and stronger security measures are in line with the BSP’s mandate of safeguarding the integrity of the Philippine currency.”
Polymer Banknotes Last 250% Longer
According to the BSP, the polymer banknotes lasts longer than fiber banknotes.
“Some countries have 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,” the BSP said.
“Their extended lifespan makes polymer banknotes more cost-effective in the long run.”
They can also be recycled into other useful forms, such as building components, furniture, and 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 the Philippine currency. The new 1000-Peso polymer banknote will be circulated alongside the current 1000-Piso paper banknote and both can be used for payments.
The BSP also notes that the P1,000 banknote is widely circulated in the country, comprising 30 percent of Philippine money in circulation. Between 2022 and 2025, approximately 500 million P1,000 polymer banknotes amounting to P500 billion will be in circulation.