PhilFIDA and BSP Collaborate to Reintroduce Abaca in Philippine Polymer Banknotes
Manila: The Philippine Fiber Industry Development Authority (PhilFIDA) announced its ongoing collaboration with the Bangko Sentral ng Pilipinas (BSP) to reintegrate abaca fiber into the country’s polymer banknotes. According to Philippines News Agency, the BSP stated that the current polymer banknotes have a lifespan of up to 7.5 years, significantly longer than the 1.5-year average for paper banknotes. This durability is due to their resistance to dirt, water, and oil, making them “smarter, cleaner, and stronger.” PhilFIDA executive director Arnold Atienza shared insights during the Usapang Agrikultura program on Radyo Pilipinas. Atienza noted that the BSP is interested in incorporating