Manila: The Bangko Sentral ng Pilipinas (BSP) has announced that new polymer banknotes, set for release in the first quarter of 2025, will be circulated alongside existing paper banknotes. The BSP confirmed in a statement that “paper banknotes shall remain legal tender,” ensuring that both forms of currency will be used concurrently.

According to Philippines News Agency, the BSP revealed through a social media post that the First Philippine Polymer banknote series is scheduled for issuance. The new polymer banknotes boast smarter, cleaner, and stronger features compared to their paper counterparts. While paper banknotes highlight the country’s heroes and natural wonders, the polymer series will focus on showcasing the Philippines’ rich biodiversity. The BSP emphasized that featuring various symbols of national pride on banknotes and coins reflects numismatic dynamism and artistry, as well as promoting appreciation for the Filipino identity.

In April 2022, the BSP began circulating the PHP1,000 polymer bankn
otes, which feature the Philippine Eagle and the Sampaguita on the obverse side, and the Tubbataha Reefs Natural Park, South Sea Pearl, and T’nalak weave design on the reverse side. The BSP previously indicated that polymer banknotes make counterfeiting more challenging and costly.