The BSP continuously looks for ways to improve our banknotes in response to the evolving needs of Filipinos and the availability of modern technologies. This calls for the use of polymer substrate, which is known to be more hygienic and sanitary, durable and cost-effective, secure and difficult to counterfeit, and sustainable.
In April 2022, the BSP began the circulation of the new and improved 1000-Piso polymer banknote. This will be used alongside the 1000-Piso paper banknotes.
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Philippine coins and notes are the treasure of our nation. They are woven into the fabric of our social, political and economic life. From its early bead-like form to the paper notes and coins that we know today, our money has been a constant reminder of our journey through centuries as a people relating with one another and with other peoples of the world.
Philippine coins and banknotes are mostly produced in the BSP Security Plant Complex (SPC). Over the past four decades, the SPC has become a world-class producer of quality coins and notes. It has overseen the design, production and issuance of four generations of legal tender Philippine currency.
The Philippine cash cycle involves issuance of new coins and notes, distribution to the regions of the country, and retirement of unfit currency. The BSP adopts a Clean Note and Coin Policy for the effective removal of unfit currency in circulation as a means to maintain the integrity of Philippine banknotes and coins. Download Currency Lifecycle (PDF) Download Currency Fitness Guide (PDF)
The annual volume/value of currency issued is based on currency demand that is estimated from a set of economic indicators which generally measure the country’s economic activity. The total amount of banknotes and coins that the BSP may issue should not exceed the total assets of the BSP.
Issued starting in 1995 and is still in circulation as legal tender coins.
Launched in 2018, the New Generation Currency Coin Series features historical figures and native flora.
The New Generation Currency (NGC) Banknote Series now in circulation was first issued in December 2010. The BSP launched in 2020 enhanced Philippine banknotes that are more responsive to the needs of the elderly and the visually impaired, and feature the latest anti-counterfeiting technology.
In order to ascertain the genuineness of Philippine banknotes, the BSP advises the public to carefully feel, look and tilt their banknotes to check for security features.
Demonetization is the process by which a central bank removes the monetary value of a legal tender currency it issues. Demonetized currencies are no longer accepted as payment for goods and services.
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