BY: VANESSA BUGTONG
In her daily work selling fish at Baguio Market, Nanay Espi often deals with wet paper money used as payment.
Sometimes, she even has to dry the bills before reusing them.
“We’re careful because that’s how money gets damaged,” said Espi Fontanilla, a vendor.
But this might no longer be a problem.
Yesterday, December 19, the BSP launched the first Philippine Polymer Banknote Series.
“It’s better because it won’t get wet easily,” she added.
According to the BSP, polymer banknotes are more durable and easier to clean than paper ones.
They added that this addresses the high costs of replacing damaged banknotes.
Typically, paper bills last about 1.5 years, while polymer ones can last up to 7.5 years.
Dr. Eli Remolona, Jr., BSP Governor and Monetary Board Chairman, stated, “This banknote reflects the Bangko Sentral’s response to the needs of our people.”
Pres. Ferdinand Marcos Jr. mentioned, “The introduction of the first Philippine polymer banknote series reflects the progress we are making as a Bagong Pilipinas, practical, innovative, and deeply meaningful.”
The new polymer banknotes no longer include the 200-peso denomination and have removed the faces of former presidents and national figures who contributed significantly to the country.
For example, the 50-peso polymer note, previously featuring President Sergio Osmeña, now showcases the Visayan leopard cat and Vidal’s lanutan flower.
The 100-peso note, once bearing President Manuel Roxas, has been replaced with the Palawan peacock-pheasant and Ceratocentron flower.
The 500-peso bill, formerly depicting Cory and Ninoy Aquino, now features the Visayan spotted deer and Acanthophippium mantinianum flower.
The designs on the reverse side of the banknotes remain unchanged.
However, opinions are divided.
“It’s confusing sometimes. I prefer the old design,” said Rebecca Mollina, vendor.
“Our heroes shouldn’t be forgotten,” said Chavy Rumawak, resident.
The Philippines now joins over 40 countries, including Australia, Canada, the UK, and Singapore, in using polymer banknotes.
Given the proven benefits of these banknotes, they are expected to remain durable and sustainable.
President Marcos reminded the public that paper banknotes are still valid for use.
