by Mai Gacilo Sangalang · Published on BusinessMirror May 29, 2025
WHEN the first Philippine polymer banknote series was released in December, we were excited to get our hands on the limited quantities circulated. The new series—1000, 500, 100, 50-peso denominations—showcases the country’s rich biodiversity in design featuring the different symbols of national pride in our banknotes and coins promotes appreciation of the Filipino identity.
If you feel bad about the removal of heroes, historical figures and natural wonders from Philippine money, don’t fret because the paper bills will remain legal tender and continue to co-circulate with the new polymer series.
If you’re also wondering why 200-peso and 20-peso are not included in the new batch, it is because of low public usage of these denominations, according to the BSP. The 200-peso paper banknote, however, remains a legal tender while the 20-peso banknote has been removed from circulation since 2021 after the introduction of its coin counterpart.
Smarter. Cleaner. Stronger.
POLYMER banknotes are taking over because they boast advanced security features, further reducing counterfeiting risk. Usually, when designing new banknote series, security takes precedence over design but we commend the BSP for producing a series that marry both features.
While polymer notes are harder to counterfeit, they are not completely counterfeit-proof. We’ve seen fake bills that look real at a glance. The fact is, there is no currency in the world that is completely counterfeit-proof, but polymer notes are far more secure than traditional paper bills.
Polymer banknotes have smoother surfaces making them cleaner, less prone to damage, stain and dirt. Studies also show that polymer bills are more durable with a lifespan of 7.5 years compared to 1.5 years with paper money. Suffice to say that they are good for the environment with proven lower percentage of global warming potential (GWP) than paper bills by 38.4 percent, based on a BSP-commissioned study.
Public misconception
AT first, perhaps due to the beautiful and crisp appearance of the new banknotes, some users thought folded bills will not be accepted by merchants and establishments. The BSP quickly debunked this misconception.
But practical issues and cultural sentiments underscore the need for continuing public education, vigilance and awareness.
Usage challenges
AS a user, I find polymer banknotes stiff, harder to fold and slippery; making them difficult to count or snug into a wallet. I’ve read that there’s also risk of fading over time.
The biggest challenge for me is the dilemma of not wanting to spend them because they look and feel more like collectibles than everyday money. Months after the release of the polymer series, I still face this dilemma each time an ATM dispenses crisp bills. This is maybe a relatable experience for others too.
The flip side is that I get to rationalize my spending choices.
BSP changes
WE at the Bank Marketing Association of the Philippines (BMAP) congratulate recently appointed BSP Deputy Governor (DG) Zeno Ronald R. Abenoja who succeeded my cousin, Deputy Governor Francisco G. Dakila Jr., a highly respected economist who retired from the central bank in April.
DG Zeno will head the monetary and economics sector, a key role in overseeing economic policy, liquidity management and maintaining external stability.
Another BSP pillar is due to retire later this year. Deputy Governor Chuchi G. Fonacier who heads the BSP financial supervision sector is set to vacate her post in July. She has been a strong ally of the BMAP for many years and her departure will be a huge loss to the banking industry.
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Mai Gacilo Sangalang is the immediate past president of the Bank Marketing Association of the Philippines (BMAP) and currently its director for Industry Relations, Banking Code and Financial Inclusion. Sangalang is the head of Corporate Affairs, Brand and Marketing of Standard Chartered Bank Philippines. She can be reached by e-mailing maigsangalang@yahoo.com. The writer’s views do not necessarily reflect those of the BusinessMirror and the BMAP.