A limited “test run” of about 10 million pieces of the new P1,000 polymer banknotes was done today, Monday, as announced by the Banko Sentral ng Pilipinas (BSP) last April 7, 2022.
However, the waterproof and dirtproof polymer banknotes would not be available in the ATMs nationwide yet as the current machines are not calibrated to dispense such plastic-material money.
The BSP reiterates that the use of the synthetic polymer substrates and the gradual shift into such will promote a hygienic and sanitary effectivity for the public.
Not only that it promotes the health safety of an individual, but its plasticity is also designed for “enhanced security” making it harder to counterfeit, as well as its improving its durability giving it a longer usability, and it being environment-friendly, coming from recyclable materials.
The gradual shift of the banknotes into polymerization is being studied for over 13 years now, but it was only in 2021 when the central bank has finally decided to outsource the use of polymer banknotes to aid the public health crisis from the surge of COVID-19 worldwide, promoting that plastic-based money could somehow ease the transmission of the deadly virus, plastic being more sanitary than the traditional paper money.
“Because of the pandemic, we found ourselves frequently sanitizing our phones and other frequently touched items. Polymer bills can be sanitized with less risk of damage, making them a more hygienic alternative to paper banknotes,” said BSP Governor, Benjamin E. Diokno.