BSP introduces new 1000-Piso polymer banknote
It’s here! Introducing the new 1000-Piso polymer banknote.This new banknote strengthens the BSP’s efforts to respond to pressing public health and safety concerns due to the COVID-19 pandemic, promote environmental sustainability, and deter counterfeiting.
Polymer bills can be sanitized with less risk of damage, making them a more hygienic alternative to paper banknotes.
Scientific studies reviewed by the Department of Health found that in temperatures typical of tropical climates, viruses and bacteria survive for shorter periods on polymer compared to paper banknotes.
According to studies conducted by other countries, polymer banknotes have a smaller carbon footprint as their production requires less water, energy, and other resources.
Some countries have reported that polymer banknotes last at least 2.5 times longer than paper banknotes, given their resistance to water, oil, dirt, and general wear and tear.
Their extended lifespan makes polymer banknotes more cost-effective in the long run. They can also be recycled into other useful forms, such as building components, furniture, and household products.
Using advanced technology, polymer banknotes make counterfeiting significantly more difficult and costly. More intricate designs and stronger security measures are in line with the BSP’s mandate of safeguarding the integrity of the Philippine currency.
The new 1000-Piso polymer banknote will be circulated alongside the current 1000-Piso paper banknote and both can be used for payments. (BSP)
