BSP Statement on the 1000-Piso Polymer Banknote

Name of the author: Philippine Information Agency (PIA)

Date of publication:  December 12, 2021
Title of the Sources: BSP Statement on the 1000-Piso Polymer Banknote
( Versions/ Volume): N/A
Link: https://pia.gov.ph/press-releases/2021/12/12/bsp-statement-on-the-
1000-piso-polymer-banknote

“The BSP Statement on the 1000-Piso Polymer Banknote” by Philippine

Information Agency (2001). This study examines the 1000-peso polymer
currency that is expected to go into circulation in April 2022, according to the
Bangko Sentral ng Philippines (BSP). In comparison to paper banknotes,
polymer banknotes have been shown to perform better in the promotion of
public health and cleanliness, increased security, durability and cost-
effectiveness, and environmental sustainability, among other things. The
Philippine eagle, a symbol of strength, freedom, and keen vision is featured in
the design of the new 1000-piso polymer notes. The rich flora and fauna of the
Philippines are highlighted on the first note in a new series of Filipino
banknotes. The BSP emphasizes that the image of the new currency that was
recently in circulation was actually a sample that had been sent to the BSP for
examination. The scientific name of the Philippine eagle has already undergone
the necessary modifications, including the spelling and italicization of the
name. The Monetary Board and the Office of the President have already given
their approval for the new 1000-piso polymer notes to be issued. Due to the
huge volume of 1000-peso banknotes in circulation relative to other notes, this
denomination was chosen. Despite having the most security features and being
the most challenging to counterfeit, it is also the focus of the greatest amount
of attempts.

https://www.pna.gov.ph/articles/1176514
Furor Over Polymer
Name of the author: Philippine Daily Inquirer
Date of publication:  July 14, 2022
Title of the Sources: BSP Statement on the 1000-Piso Polymer Banknote
( Versions/ Volume): N/A
Link: https://pia.gov.ph/press-releases/2021/12/12/bsp-statement-on-the-
1000-piso-polymer-banknote
The Philippine Daily Inquirer (2022) has insisted that "BSP Statement on the
1000-Piso Polymer Banknote" (Version N/A). A disgruntled customer posted on
social media that a mall cashier had refused to accept her P1,000 polymer
banknote because it was folded and slightly crumpled, allegedly in violation of
the Bangko Sentral ng Philippines' proper handling requirements (BSP).
Beyond the humor, there are valid and pointed criticisms of the absurd rules
on how to handle polymer notes, which the BSP went to great lengths to
explain were more durable than the long-used paper notes that have endured
despite being crumpled and folded, especially in public transportation and wet
markets.

The BSP advised Filipinos not to "excessively fold, crease, or crumple" the
banknotes, as doing so could "leave permanent fold marks." Users were also
advised not to staple the notes or use rubber bands to keep them together, but
instead, use paper bands. The BSP did claim that these polymer banknotes
were "tough," but even so, they should still be "valued and handled with care."

Many Filipinos disapproved of the regulations, denouncing them as excessive

given how frequently they spend their cash. The "absurd" recommendation
made by the new BSP Governor Felipe Medalla that Filipinos "adapt" to the new
polymer banknotes by buying longer wallets did not help the BSP's cause
either.

Anti-Counterfeiting for Polymer Banknotes Based on Polymer Substrate

Fingerprinting

Name of the author: Shen Wang, Ehsan Toreini, Feng Hao

Date of publication:  March 19, 2021
Title of the Sources: Anti-Counterfeiting for Polymer Banknotes Based on
Polymer Substrate Fingerprinting
( Versions/ Volume): N/A
Link: https://ieeexplore.ieee.org/document/9381886

According to Shen Wang, Ehsan Toreini, and Feng Hao (2021), "Anti-
Counterfeiting for Polymer Banknotes Based on Polymer Substrate
Fingerprinting" (Ver. N/A). Over 28 countries around the world, including
Brazil, China, Singapore, Canada, Romania, the United Kingdom, and others,
have adopted polymer currencies. The most distinctive features of this sort of
currency are that it is constructed of polymer material, which is less expensive
to produce than banknotes and coins, and that its shelf life is around five
times longer than that of regular currency, which is stronger and thinner, i.e.,
contrary to popular belief, it is not plastic; rather, this name refers to this kind
of currency in general. According to Wang et al. (2021), one of the
characteristics of polymer currency is that it is challenging to counterfeit and
that its market cannot be regulated.

Would Polymer Banknotes (Plastic Money) Influence Customer Intention

to Buy? An Empirical Study from Jordan

Name of the author: Marwan Mohamed Abu

Date of publication:  January 15, 2022
Title of the Sources: Would Polymer Banknotes (Plastic Money) Influence
Customer Intention to Buy? An Empirical Study from Jordan
( Versions/ Volume): Vol 9 No 2
Link: https://koreascience.kr/article/JAKO202202661454503.pdf

The study "Would Polymer Banknotes (Plastic Money) Influence Customer

Intention to Buy? An Empirical Study from Jordan" (Vol. 9, No. 2), by Marwan
Mohamed Abu (2022). Since credit cards and multiple discounts were
introduced as an alternative to traditional paper money, people began to
recklessly spend and make hasty purchasing decisions. As a result, they failed
to evaluate their true needs for a given item and instead made unnecessary
buying intentions and indulged in impulsive purchases, such as changing a
diaper. It has been demonstrated in the study by Abu (2021) that plastic
currency, or polymer currency, will have an impact on the parallel economies of
countries, which are the economies that are not included in the state's national
income and are not under its management, such as straightforward
handicrafts and handmade products and individual self-employment. This
impact will be felt by consumers in terms of their intent to buy or the impulsive
behavior behind the purchase. The polymer currency will have an effect on this
kind of economy because the state won't be able to monitor the movement of
currencies and the reasons why people who earn money unconnected to the
state or its taxes accept them. As a result, the polymer currency may aid in the
abolition of the black market, fake money, and money market regulation.
References:

Philippine Information Agency. (2021, December 12). BSP statement on the

1000-piso polymer banknote. Retrieved February 26, 2023, from
https://pia.gov.ph/press-releases/2021/12/12/bsp-statement-on-the-1000-
piso-polymer-banknote 

Philippine Daily Inquirer. (2022, July 14). Furor over polymer. INQUIRER.net.
Retrieved February 26, 2023, from https://opinion.inquirer.net/154998/furor-
over-polymer 

Wang, S., Toreini, E., & Hao, F. (2021). Anti-counterfeiting for polymer
banknotes based on polymer substrate fingerprinting. IEEE Transactions on
Information Forensics and Security, 16, 2823–2835.
https://doi.org/10.1109/TIFS.2021.3067440

Abu, M. M. (2022, January 15). Would polymer banknotes (plastic money)

influence customer intention to ... Retrieved February 26, 2023, from
https://koreascience.kr/article/JAKO202202661454503.pdf