The Philippines’ transition to polymer currency continues to receive global recognition. The First Philippine Polymer Banknote Series (FPPBS), launched by the Bangko Sentral ng Pilipinas (BSP) in December 2024, has earned the prestigious “Best New Banknote or Banknote Series” award from the International Association of Currency Affairs (IACA).
Recognized for Innovation and Security
According to IACA, the FPPBS stood out for its cutting-edge security features and advanced design innovations. Among its notable characteristics are:
- Dynamic value panel that changes appearance depending on light angles
- Transparent windows for quick verification
- Shadow threads that enhance anti-counterfeiting measures
These features not only improve the security of the currency but also represent a leap in banknote technology and design efficiency.
Aesthetic and Cultural Impact
The award-giving body also praised the visual appeal and cultural relevance of the new polymer banknotes, describing them as “captivating and culturally significant.” The design elements reflect Philippine heritage, while integrating modern technology to safeguard national currency.
Competing Against Global Finalists
The FPPBS competed against strong contenders, including the Bank of Jamaica’s New Banknote Series and Kazakhstan’s Saka Style Polymer Banknotes. Despite the stiff competition, the BSP’s new series emerged as the top winner.
Series Overview and Launch Timeline
The First Philippine Polymer Banknote Series currently includes the ₱50, ₱100, and ₱500 denominations, officially launched in December 2024. This follows the introduction of the ₱1,000 polymer banknote, which was first circulated in 2022 and previously received the “Banknote of the Year” award from the International Banknote Society (IBS).
BSP’s Commitment to Innovation and Sustainability
BSP Deputy Governor Mamerto Tangonan, who leads the Payments and Currency Management Sector, expressed pride in the global recognition.
“This award is a testament to our drive for continuous innovation in currency development. We aim to meet international benchmarks in both security and sustainability,” he said.
Public Support for Polymer Banknotes
A nationwide survey conducted by the BSP in 2024 revealed that most Filipinos favor the shift to polymer banknotes. The BSP emphasized the advantages of polymer notes, describing them as:
- Smarter: Enhanced anti-counterfeiting technology
- Cleaner: Resistant to dirt and moisture
- More Durable: Longer circulation life than paper bills
The public’s support reflects growing awareness of the practical and hygienic benefits of polymer currency, especially in the post-pandemic era.
What This Means for the Future of Philippine Currency
The recognition from IACA not only boosts national pride but also places the Philippines among the global leaders in modern banknote design. As the BSP continues its currency modernization program, polymer banknotes are expected to play a key role in ensuring secure, sustainable, and user-friendly money for Filipinos.