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 abaca, which would provide substantial support to the local abaca industry. He emphasized that PhilFIDA is prepared to make abaca compatible with polymer materials, stating, “We have talked with BSP and we are now working together para po ibalik ang abaca sa ating pera (to put abaca back to money).”
Atienza highlighted a significant overproduction of abaca, with approximately 40,000 metric tons being exported, which is only a fraction of the 400,000 metric tons previously exported by the Philippines. As of March, the total monthly baling of abaca stood at 9,993.5 metric tons, with a total volume of 43,055 metric tons in 2024.
He stressed the importance of supporting local abaca farmers to ensure the industry’s sustainability. Atienza warned of the potential decline in farming interest among future generations if they perceive it as unprofitable, urging prompt action to secure the sector’s future.
