BSP to launch new polymer banknotes with limited circulation for holidays

The Bangko Sentral ng Pilipinas (BSP) will release fewer than 100 million pieces of each new polymer banknote denomination during the holiday season. This initial launch includes the P500, P100, and P50 notes, alongside the existing P1,000 bill. The new polymer notes feature native and endangered Philippine species, differing from previous designs that showcased national heroes. The BSP plans to increase production in 2025, while both polymer and paper notes will circulate together. The shift to polymer aims to create more durable banknotes, lasting two to five times longer than paper. The production costs are higher, but the BSP expects lower replacement costs over time.