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FAQs (English) 23june2022
FAQs (English) 23june2022
THE 1000-PISO
POLYMER BANKNOTE
Learn about the 1000-Piso polymer banknote
1. Why is the BSP introducing the First, polymer banknotes have more security viruses and bacteria survive for shorter
polymer banknote? features, making them harder to periods on polymer compared to paper
counterfeit than paper banknotes. Detailed banknotes.
In line with global best practices, the images and sophisticated security features
Bangko Sentral ng Pilipinas (BSP) DOH also found a shorter survival period of
are embedded with the use of advanced
continuously improves the country’s the SARS-CoV-2 virus on polymer
technology designed to decrease the
banknotes with new designs and materials compared to paper banknotes.1
likelihood of counterfeiting.
every 10 years, in response to the evolving SARS-CoV-2 survived for seven days at 30
needs of Filipinos and the availability of Canada, Australia, New Zealand, Malaysia, degrees Celsius on polymer banknotes,
modern technologies. Mexico, Fiji, and Vietnam have experienced a while it survived three times longer on
great reduction in counterfeiting cases after paper banknotes at 21 days. Also, the
Recent public concerns are making the shifting to polymer banknotes. For instance, average amount of bacteria encountered on
transition to polymer banknotes more in Canada, after 8 years of using polymer polymer banknotes was approximately 25
urgent: notes, detected counterfeits were reduced percent of that found on cotton-based
• First, since the start of the COVID-19 from a high of 470 down to 15 counterfeits paper banknotes.
pandemic, sanitizing frequently touched for every million banknotes in circulation.
objects, including banknotes and coins, has 4. Why are polymer banknotes
Second, polymer banknotes have a smaller
become a widespread need. stronger?
carbon footprint, lower water and energy
• Second, while the Philippines does not usage, and less environmental toxicity. The Polymer banknotes are more durable and
have a major counterfeiting problem, crime longer lifespan of polymer banknotes therefore more cost-effective than paper
syndicates keep improving their techniques reduces the environmental impact banknotes. They have been found to last at
in counterfeiting the New Generation associated with the regular production of least 2 to 5 times longer than paper
Currency (NGC) banknotes that are banknotes to replace those that become banknotes, which offsets the high
currently in circulation. unfit from wear and tear. production cost. Canada has polymer
When deemed unfit, a polymer banknote banknotes that last 2.5 times the life of
• Third, given the increasing scarcity of
can be recycled to produce various paper banknotes. Usability is even longer in
water, energy, and other inputs, our
products, such as building components, New Zealand, which reported a useable life
banknotes should be made to last longer
plant pots, and garden furniture. of 4.8 times that of paper banknotes.
and be fully recyclable, considering both
environmental sustainability and Polymer banknotes are also water- and
cost-effectiveness. 3. What makes polymer banknotes dirt-resistant.
cleaner?
These concerns can be addressed by using
5. What makes polymer banknotes
polymer substrate in our banknotes, which Polymer banknotes tend to be significantly
more cost-effective than paper
is known worldwide to be more durable, cleaner than paper banknotes due to their
banknotes?
cost-effective, hygienic, difficult to smoother and non-absorptive surfaces,
counterfeit, and sustainable. which are more resistant to water, oil, and Given that paper banknotes in the
dirt. Other countries, such as the United Philippines last about 1.5 years, on average,
2. Why are polymer banknotes smarter? Kingdom, also report that polymer the BSP would only need to print polymer
banknotes can be washed and sanitized banknotes in amounts equal to a third or up
The use of advanced technology and with less risk of damage unlike paper to half the number of paper banknotes. This
optimal resources makes polymer banknotes. will lead to significant savings in printing
banknotes smarter than paper banknotes.
Scientific studies reviewed by the costs. The savings will more than offset the
Department of Health (DOH) found that difference in production cost.
1
Riddell, S.; Goldie S,; Hill, A,; Eagles, D,; & Drew, TW. (2020). The Effect of Temperature on Persistence of SARS-CoV-2 on Common
Surfaces. Virology Journal.
2
Proclamation No. 615, Series of 1995 (https://www.officialgazette.gov.ph/1995/07/04/proclamation-no-615-s-1995/?msclkid=78aa027da8c211eca7c2d8689e07f1b1)
3
National Commission for Culture and the Arts (https://ncca.gov.ph/about-culture-and-arts/culture-profile/philippine-fast-facts/national-flower-sampaguita/
?msclkid=c6db2e6aaa8611ec9b19eac3706d4c71)