The International Association of Currency Affairs (IACA) has honored the new polymer Philippine peso bills with the title of “Best New Banknote or Banknote Series.”
During an award ceremony held in Bangkok, Thailand, IACA praised the redesigned notes for setting a new standard in currency security in the Philippines.
“These advanced security features are seamlessly integrated into the overall design, ensuring both functionality and aesthetic appeal,” the IACA said.
It also said that the overall design of the banknotes is “captivating,” with the featured endangered plants and animals honoring the “Philippines’ rich culture and natural heritage.”
The Bangko Sentral ng Pilipinas (BSP) began the rollout of its polymer banknote series in 2022, starting with the introduction of the ₱1,000 bill.
This was followed by the release of additional denominations—₱500, ₱100, and ₱50—in December 2024, as part of its broader initiative to modernize Philippine currency.
According to the Commission on Audit, the BSP allocated nearly ₱5 billion for the production and distribution of the new polymer banknotes. These notes are made from a durable plastic material, offering enhanced security features and longer circulation life compared to traditional paper-based currency.
However, the new designs have drawn criticism from various groups, particularly for the exclusion of prominent Filipino heroes who were previously featured on the older bills. Critics argue that the redesign overlooks important historical and cultural figures.
In response, the BSP defended the changes, emphasizing the advantages of polymer notes. The central bank highlighted that the new bills are not only more secure but also more hygienic and resistant to wear and tear, branding them as “smarter, cleaner, and stronger” than their predecessors.
“This recognition affirms our commitment to innovation in currency design, ensuring that our banknotes meet the global standards of security and sustainability,” BSP Deputy Governor for Payments and Currency Management Mamerto Tangonan said of the award.