The Bangko Sentral ng Pilipinas (BSP) is set to release some 490 million pieces of P1,000 polymer bank notes in October this year.
According to Jose Roberto Almeda Jr., BSP’s senior research specialist, this will be the second batch of the bulk printing of the first polymer in the country after it was introduced in April 2022.
He said this will be distributed to the general public from October to June 2023.
“Ang distribution period will be from October to June 2023; hindi lang ito sa mga bangko kundi sa general public na mismo. Kaya ngayon ay nire-ready na natin ang publiko kung paano i-handle ang polymer [at ang iba pang mga pera natin],” Almeda said during an Information Caravan with the Media on Tuesday.
Almeda emphasized that all coins and banknotes have legal tender power to be used in any financial-related obligations.
“‘Yong pag fold bawal pero hindi nawawalan ng legal tender power [para ipambili o pangbarya] ‘yong perang folded, mawawala lang ito kung masira ang pera o mutilated na,” he said.
‘Kung ‘yong pag fold will deteriorate the integrity of the bank note ay bawal yon. Kahit ‘yong pag crumple [kasi maaapektuhan] ang pag identify [kung] genuine ‘yan,” Almeda added.
He also explained that BSP decided to produce a P1,000 polymer as it is the most used and counterfeited denomination.
Almeda said that the first polymer is equipped with high-end security features, including 3D Denomination and Dynamic Waves, that make it difficult to counterfeit.
He also noted that it has less environmental impact given its smaller carbon footprint, less environmental toxicity, and can be recycled when deemed unfit.
Based on the study of the Department of Health (DOH), Almeda also said that viruses in polymers have shorter lives than in paper banknotes, and they can also be sanitized to keep clean.
“According sa study, seven days na lang ang tinatagal ng virus sa polymer bank note compared sa paper bank note na 21 days,” he said.
He also clarified that the P1,000 paper banknote will still be in circulation along with the P1,000 polymer.
“‘Yong P1,000 bank note natin ay hindi mawawala, dalawa sila ng polymer ay magci-circulate ng sabay,” he said.