MANILA, PHILIPPINES — The Bangko Sentral ng Pilipinas (BSP) announced on Tuesday that an initial ten million pieces of the newest 1,000 polymer banknotes were released to banks for circulation.
The 10 million pieces represent around 2% of the total polymer banknotes to be issued, according to the central bank. They stated that it is equivalent to 0.7 percent of the anticipated total number of 1000-Piso paper and polymer banknotes in circulation.
A total of 500 million pieces of polymer banknotes is expected to be circulated alongside the P1,000 paper banknotes by 2023, said the BSP.
Meanwhile, during his time as governor of the BSP, Benjamin E. Diokno has frequently emphasized that there will be no demonetization of currently circulating banknotes and coins.
Polymer banknotes will only be accessible for over-the-counter transactions at banks, as previously stated. Following a recalibration of existing ATMs, the new plastic bill will be accessible via automated teller machines (ATMs) by early October.
Prior to their distribution, the BSP held technical briefings for bank employees, machine suppliers, and cash-in-transit service providers to teach them about the polymer banknotes’ design and security characteristics.
The BSP chose to circulate the water-resistant and dirtproof polymer banknotes for five reasons:
- it is hygienic and sanitary, and significantly cleaner;
- it is easier to counterfeit;
- it is durable;
- it is cost-effective in the long run;
- it is environmentally friendly because it is recyclable.
The BSP is now preparing a memorandum agreement that will include polymer familiarization for all banks, as well as the calibration of existing cash processing machines, vending machines, ATMs, bill acceptors, and other similar technologies for compatibility with polymer banknotes.
In 2023, the BSP will begin issuing 1000-Piso polymer banknotes to the general public. Note Printing Australia, a subsidiary of the Reserve Bank of Australia, will create the polymer banknotes. – WhatALife!
Also Read: Duterte formally presented P1,000 polymer banknotes
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