POLYMER BILLS. Banks in the National Capital Region should have their automated teller machines fully-capable of issuing and accepting polymer banknotes by end-2022. Also, banks outside the national capital should be ready for this service by June 2023. (Photo from BSP)
MANILA – Banks in the National Capital Region (NCR) should have their automated teller machines (ATMs) fully capable to service polymer notes by end-2022 while those in areas outside NCR by June 20, 2023.
The Bangko Sentral ng Pilipinas (BSP) started issuing the PHP1,000 polymer banknotes last April and it aims to issue an initial 10 million pieces as part of its test circulation.
It targets to issue 500 million pieces of the said denomination of polymer banknotes by 2023 and BSP Bank Officer IV Xyza Jane S. Templonuevo said the target is doable.
“We have a schedule that we follow so if ever we will encounter challenges we will adjust such that we will definitely reach the target of issuing 500 million pieces in circulation,” she said during a briefing on Friday.
BSP authorities have said that issuing polymer notes is more cost-effective because it has longer life span compared to the current paper notes.
They said people can easily wipe clean the said currency compared to the current paper bills, thus, a plus vis-à-vis the ongoing virus-induced pandemic.
It also has security features that use advanced technology, which monetary authorities said is a good deterrent against counterfeiting.
The PHP1,000 polymer banknote is being issued alongside the PHP1,000 paper notes.
The BSP is currently outsourcing the manufacturing of the polymer banknotes while it is on test circulation phase.
Templonuevo said among the metrics they are monitoring during the test circulation period include cost-effectiveness, security, digital capability, and environmental impact and results of these will be compared to the experiences of other central banks that have issued the same currency type.
“Issuance of the full set will depend on the results of this circulation test,” she added. (PNA)
