The Bangko Sentral ng Pilipinas (BSP) is preparing to launch the first Philippine Polymer (FPP) banknote series in the first quarter of 2025.
BSP announced that the new polymer banknotes will offer smarter, cleaner, and stronger security features compared to traditional paper currency.
The initial rollout will include denominations of P500, P100, and P50, excluding P200 due to low demand.
Despite the introduction of the FPP series, BSP emphasized that existing paper banknotes will remain in circulation.
In April 2022, BSP began circulating enhanced P1,000 polymer banknotes, which coexist with the traditional P1,000 notes.
BSP partnered with Note Printing Australia, a subsidiary of the Australian central bank, for the initial rollout of the modern polymer notes.