New polymer P1,000 bills to start circulation mid-2022: BSP

Jessica Fenol and Warren De Guzman, ABS-CBN News

<p>MANILA— The new polymer or plastic P1,000 bills will start circulation in mid-2022 after the Bangko Sentral ng Pilipinas signed a production deal with the Reserve Bank of Australia, BSP Governor Benjamin Diokno said Thursday.</p><p>The Reserve Bank of Australia&#x27;s subsidiary Note Printing Australia was tapped for the production of the new polymer banknote, Diokno said in his weekly virtual briefing. </p><p>Australia is the first country to issue a full series polymer banknotes. It has also produced and supplied the bills for several countries, Diokno said.</p><p>&quot;The P1,000 note will begin circulating in mid-2022,&quot; Diokno said</p><p>&quot;As the sole issuer of Philippine money, the BSP ensures that our coins and notes serve the need of the Filipino people,&quot; he added.</p><p>Diokno said shifting to polymer bills is more environment-friendly, cost-effective, hygienic and will increase protection from counterfeits. </p><p>&quot;Crime syndicates have been improving their techniques in counterfeiting the new generation banknotes that are currently in circulation,&quot; Diokno said.</p><p>&quot;Given the increasing scarcity of water, energy and others, our banknotes should be made to last longer,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/16/21/fiber-industry-authority-warns-vs-bsps-plastic-money-plan">‘Plastic’ money better than ‘paper’ bills? Not really, says PH fiber agency</a></li>	<li><a href="https://news.abs-cbn.com/business/10/25/21/bangko-sentral-eyes-plastic-1000-piso-bills-next-year">Get ready for plastic money: Bangko Sentral eyes polymer 1000-piso bills</a></li></ul><p>The test banknotes will have the same look as the current P1,000 bill but will carry new security features, BSP Deputy Governor Mamerto Tangonan earlier said.</p><p>The Philippine Fiber Industry Development Authority (PhilFIDA) however, said using polymer has &quot;many drawbacks.&quot; </p><p>The group is raising the side of the abaca industry. Current paper banknotes are made up of 20 percent abaca fiber, with cotton making up the remaining 80 percent.</p><p>But the BSP said the impact would be minimal and that they&#x27;re pushing for the use of abaca paper for passports, land titles and birth certificates and other civil registry documents.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/09/21/bsp-warns-vs-fake-banknote-designs">BSP warns public vs fake P500 bill with face of ex-President Marcos</a></li>	<li><a href="https://news.abs-cbn.com/news/12/28/20/bsp-tips-how-to-spot-counterfeit-money">BSP tips: How to spot counterfeit money</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1849007" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div><strong>— with a report from Art Fuentes, ABS-CBN News</strong></div>

The new polymer or plastic P1,000 bills will start circulation in mid-2022 after the Bangko Sentral ng Pilipinas signed a production deal with the Reserve Bank of Australia, BSP Governor Benjamin Diokno said Thursday.

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New polymer P1,000 bills to start circulation mid-2022: BSP

Jessica Fenol and Warren De Guzman,

ABS-CBN News

Published Dec 02, 2021 05:30 PM PHT

Read More:

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