A recent survey by the Bangko Sentral ng Pilipinas (BSP) revealed that a significant majority of Filipinos are in favor of the polymerization of Philippine banknotes. The BSP’s Consumer Expectation Survey, conducted in the first quarter of this year, showed that 61.3% of respondents supported the initiative, marking a notable increase from just 10.9% in the previous year.
The survey comes after the BSP unveiled new polymer banknotes in denominations of P500, P100, and P50 earlier this month. These polymer notes feature images of native and protected species, along with local weave designs, reflecting the Philippines’ rich cultural heritage.
Despite the growing support, the decision to replace the images of national heroes with local wildlife has faced criticism. The August Twenty-One Movement (ATOM) has voiced concerns over the redesign, questioning the omission of historical figures from the currency. Kiko Aquino Dee, grandson of late Senator Ninoy Aquino Jr. and former President Corazon “Cory” Aquino, also expressed his disappointment, accusing the government of undermining the legacy of Philippine heroes with this change.
However, the BSP has assured the public that the new polymer bills will not replace the country’s paper banknotes, which continue to feature Filipino historical figures. The central bank emphasized that the new polymer denominations are part of a broader effort to modernize the country’s currency, driven by studies showing the benefits of polymer banknotes.
“The introduction of polymer banknotes follows extensive research on their smarter, cleaner, and stronger properties,” said the BSP in a statement. These notes are equipped with advanced security features, making them more difficult to counterfeit. According to BSP data, only 10 counterfeit polymer banknotes were detected out of the 825.4 million in circulation from 2022 to November 2024, compared to over 98,000 counterfeit paper notes.
In addition to their enhanced security, polymer banknotes are also more durable. The BSP reports that they have a longer lifespan of up to 7.5 years, compared to the 1.5-year lifespan of paper notes. Polymer bills are also less prone to damage from water, oil, and dirt, contributing to their reputation as “cleaner” and “stronger.”
The new polymer banknotes will be gradually introduced, with limited availability in the Greater Manila Area starting in December 2024. Full circulation is expected to begin in the first quarter of 2025. As acceptance of the P1,000 polymer note continues to grow, the BSP anticipates a positive reception for the new P500, P100, and P50 polymer bills.
The survey also revealed a notable rise in public approval of the polymer P1,000 bill, with 68.3% of respondents expressing support for it—an increase from 38% in 2023. The shift in public opinion highlights the growing trust in the new currency design, with the BSP stating that the release of polymer banknotes is part of a broader modernization effort aimed at improving the country’s currency system.
