THE Bangko Sentral ng Pilipinas (BSP) began the phased issuance of polymer banknotes to banks, with the release of a limited quantity last week.
Ten million pieces, representing two percent of the total polymer banknotes to be circulated, has been initially made available to the public. This is equivalent to 0.7 percent of the estimated combined number of 1000-Piso paper and polymer banknotes in circulation.
Prior to release, the BSP conducted technical briefings for bank personnel, machine suppliers, and cash-in-transit service providers to educate them on the design and security features of the polymer banknotes.
A total of 500 million pieces of polymer banknotes is expected to be circulated alongside the 1000-Piso paper banknotes by 2023. BSP Governor Benjamin E. Diokno has repeatedly stated that there will be no demonetization of currently circulating banknotes and coins during his term.
