Philippines Awards Nearly P5 Billion for New Polymer Banknotes
The Bangko Sentral ng Pilipinas (BSP) has awarded contracts worth almost P5 billion for the production of new polymer banknotes, according to the Commission on Audit (COA). These contracts, detailed in COA’s annual report, cover the supply of enhanced P50, P100, P500, and P1,000 banknotes.
Contract Details
The first contract, valued at P269.524 million (€4.497 million), was awarded to De La Rue International Limited. This contract covers the supply and delivery of 150,000 bundles of P50 enhanced generation currency banknotes.
Giesecke+Devrient Currency Technology secured a contract worth P727.475 million (€11.751 million) in September 2023. This contract involves supplying 200,000 bundles of P500 enhanced banknotes featuring enhanced security features and tactile marks.
Papierfabrik Louisenthal GmbH received two contracts. The first, worth P2.605 billion (€42.431 million) awarded in October 2023, covers 75,200 reams of P100 enhanced banknotes. A second contract, worth P1.113 billion (€18.542 million) awarded in November 2023, covers 51,020 reams of P50 enhanced banknotes.
Finally, Surys for One Lot was awarded a contract in December 2023 for the supply and delivery of 3,040 rolls of P1,000 enhanced banknotes, valued at P269.028 million (€4.432 million).
Controversy Surrounding New Designs
The decision to replace images of Philippine heroes with local wildlife on the banknotes has sparked controversy. The August Twenty-One Movement (ATOM) expressed disapproval, questioning the implications of omitting significant historical figures.
The polymer banknotes feature the following designs:
- P1,000: Philippine Eagle and Sampaguita flower (released in April 2022)
- P500: Visayan Spotted Deer and Acanthephippium mantinianum
- P100: Palawan Peacock-Pheasant and Ceratocentron fesselii
- P50: Visayan Leopard Cat and Vidal’s lanutan
President Marcos Jr. Clarifies Banknote Validity
President Ferdinand “Bongbong” Marcos Jr. has reassured the public that paper banknotes will continue to circulate and remain valid.
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