MANILA— Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno on Saturday revealed the new design of the polymer P1,000 banknote that would be tested next year.
Diokno revealed the bill in a message to reporters. He added that the first delivery is slated in April next year.
“Here’s how the new P1,000-piso would look like. It was designed by BSP and approved by NHI. Its issuance has been approved by the Monetary Board and the Office of the President," said Diokno.
Diokno also answered questions regarding the design that supposedly lacks Philippine personalities.
“The new series will focus on fauna and flora in the Philippines. Those with positive Filipino images like tamaraw, sampaguita, etc," he explained.
The test run, he said, would help the BSP determine if using polymer instead of abaca and cotton for banknotes is feasible in the Philippines.
These new kind of bills, already being used in Australia, United Kingdom, and Canada, are more expensive to print, but are supposedly more durable, making them more cost effective.
The BSP wants to test if that is true in the Philippine setting.
The abaca sector earlier opposed the polymer bills, saying it would greatly affect their industry. They added that plastic is less sustainable compared to abaca and cotton.
The BSP, however, said it would decide on the issue after the test run scheduled next year.
BSP partnered with Australia, the first country to use polymer notes, to produce the 1,000 plastic bills.