Note and Coin News

Philippines Prepares for New All-Polymer Series

Bangko Sentral ng Pilipinas (BSP) has announced the issue of the First Philippine Polymer (FPP) banknote series, over two years after the release of the 1,000 piso polymer as a trial in April 2022.

The theme of the new series is flora and fauna, with the designs of the new P50, P100, and P500 notes featuring the Visayan leopard cat, the Palawan peacockpheasant, and the Visayan spotted deer respectively. They replace the theme of the previous series, of national heroes, and are in keeping with the main image on the 1,000 piso, of a Philippine Eagle.

The new banknotes go into circulation this month, but only in the Greater Manila area and in limited quantities. They will be available across the country by January 2025. Paper notes will remain legal tender, and the two series will co-circulate.

BSP is currently building a new printworks and mint, and the production of the new polymer notes is being outsourced.