BSP Spends Nearly P5-B on New Plastic Money, Says COA

The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has spent almost P5 billion to produce new polymer (plastic) banknotes, according to the Commission on Audit (COA). These banknotes aim to be more durable and secure, but the changes have sparked mixed reactions.

What’s Happening?

COA’s report revealed that the BSP approved five major contracts for printing these enhanced banknotes, featuring vibrant designs of Philippine wildlife and flowers instead of historical figures. Here’s how the funds were spent:

1. P50 Banknotes:
   • Supplier: De La Rue International Limited
   • Cost: P269.5 million (4.497 million euros)
   • Quantity: 150,000 bundles
   • Details: These are enhanced polymer notes with improved durability.
2. P500 Banknotes:
   • Supplier: Giesecke+Devrient Currency Technology
   • Cost: P727.5 million (11.751 million euros)
   • Quantity: 200,000 bundles
   • Features: Added tactile marks for visually impaired users and upgraded security.
3. P100 Banknotes:
   • Supplier: Papierfabrik Louisenthal GmbH
   • Cost: P2.605 billion (42.431 million euros)
   • Quantity: 75,200 reams
4. Another Batch of P50 Banknotes:
   • Supplier: Papierfabrik Louisenthal GmbH
   • Cost: P1.113 billion (18.542 million euros)
   • Quantity: 51,020 reams
5. P1,000 Banknotes:
   • Supplier: Surys for One Lot
   • Cost: P269 million (4.432 million euros)
   • Quantity: 3,040 rolls

New Banknote Designs

Instead of traditional heroes, these polymer notes celebrate Philippine wildlife and flowers:

• P1,000: Features the majestic Philippine Eagle and Sampaguita flower (released April 2022).
• P500: Highlights the rare Visayan Spotted Deer and the A. mantinianum orchid.
• P100: Showcases the colorful Palawan Peacock-Pheasant and C. fesselii orchid.
• P50: Displays the elusive Visayan Leopard Cat and the Vidal’s lanutan tree.

Why the Change?

The BSP says these polymer notes are tougher, longer-lasting, and have advanced security features to prevent counterfeiting.

Mixed Reactions

Some groups, like the August Twenty-One Movement (ATOM), criticized the decision to remove historical figures from the designs. They argue that Philippine heroes represent the country’s history and identity.

Important Reminder

President Ferdinand “Bongbong” Marcos Jr. reassured Filipinos that paper banknotes will remain valid and will continue to be used alongside the polymer notes.

This move aims to modernize the Philippines’ currency, but it has stirred debate on preserving history versus embracing innovation.