THE Bangko Sentral ng Pilipinas (BSP) said the use of polymer banknotes can protect Filipinos from counterfeit bills while protecting the environment.
THE Bangko Sentral ng Pilipinas said the use of polymer banknotes can protect Filipinos from counterfeit bills while protecting the environment.
Central bank data showed that documented counterfeits of the P1,000 polymer banknote were only one per 82 million pieces. This means, only 10 counterfeits out of 825.4 million in circulation were recorded between 2022 and November 2024. The central bank added that polymer banknotes are also good for the environment. The global warming potential of the P1,000 polymer banknote is 38.36 percent lower than that of its paper counterpart. This data was based on a study conducted by De La Salle University’s Center for Engineering and Sustainable Development Research and commissioned by the BSP last year.
The central bank’s research showed that polymer banknotes have a lifespan of as long as 7.5 years compared with only 1.5 years for paper banknotes.
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