The Bangko Sentral ng Pilipinas (BSP) has introduced a new series of polymer banknotes. This change, featuring native and endangered species instead of national heroes, has sparked varied reactions.
Rep. Kristine Alexie Tutor of Bohol praised the BSP for the new designs, emphasizing their educational value. She argued that these banknotes provide a unique opportunity to showcase the country’s rich natural heritage. Tutor also acknowledged the criticism surrounding the decision. Some feel that excluding national heroes may detract from the spirit of nationalism.
The new polymer banknotes include denominations of 50, 100, 500, and 1,000 pesos. Each bill highlights distinct species. The 1,000-peso bill features the Philippine eagle, a critically endangered bird endemic to the country. This choice reflects the eagle’s symbolic strength and the nation’s commitment to conservation. The 500-peso note depicts the Visayan spotted deer, a vulnerable species, and emphasizes the importance of preserving the country’s unique wildlife.
The choice of polymer material for the banknotes is significant. Polymer notes are known for their durability and resistance to wear and tear. They last longer than traditional paper currency. The introduction of polymer banknotes aligns with global trends. Many countries, including Canada, Australia, and the United Kingdom, have adopted polymer notes to improve security and longevity.
The BSP’s move to polymer is seen as part of a broader strategy to enhance the security features of the Philippine peso. The new banknotes incorporate advanced anti-counterfeiting measures. These include holograms, transparent windows, and color-changing elements. The shift to polymer is expected to reduce the risk of counterfeiting.
Some critics argue that the new designs may not resonate with all Filipinos. They suggest that national heroes provide a sense of identity and continuity. The removal of these figures from the banknotes might weaken the connection to the country’s history and culture. Proponents of the change, however, argue that showcasing biodiversity on currency can foster a greater appreciation for the environment and promote conservation efforts.
Aside from its symbolic implications, the change to polymer notes will also have practical benefits. The longer lifespan of polymer banknotes means reduced production costs over time. This could lead to savings for the government. Additionally, polymer notes are more resistant to moisture and dirt, making them suitable for the country’s tropical climate.
The introduction of the new polymer banknotes is part of the BSP’s ongoing efforts to modernize the country’s currency. This includes updating designs, improving security features, and ensuring durability. The BSP plans to phase out old paper banknotes over time. The new polymer notes will gradually replace them in circulation.