The Bangko Sentral ng Pilipinas (BSP) reaffirmed on Saturday that Philippine paper banknotes showcasing national heroes will remain in circulation alongside the new polymer series. The announcement comes amid criticism over the polymer bills’ design, which emphasizes the country’s flora and fauna rather than historical figures.
In its statement, the BSP maintained that Filipino heroes have always been integral to the country’s banknotes and coins. “The Philippine paper banknotes featuring the country’s heroes remain in circulation,” the BSP said, adding that the redesigned bills aim to celebrate the nation’s biodiversity.
The move has sparked concerns, particularly from the August Twenty-One Movement (ATOM), which questioned the removal of heroes from the updated designs. Formed after the assassination of Senator Benigno “Ninoy” Aquino Jr., ATOM accused the redesign of diminishing the legacy of those who fought for the nation’s freedom. Ninoy and his wife, former President Corazon Aquino, are currently featured on the P500 paper banknote.
Despite the criticism, BSP officials clarified that the polymer bills would coexist with the paper banknotes, emphasizing the importance of representing both historical and cultural symbols. “Both are being honored and celebrated through our banknotes,” said Mary Anne Lim, BSP assistant governor.
President Ferdinand “Bongbong” Marcos Jr., during the unveiling of the First Philippine Polymer Banknote Series, also assured the public that paper banknotes remain valid and will continue to circulate. The polymer bills, which boast enhanced durability and security, highlight native wildlife such as the Philippine Eagle and Visayan Spotted Deer.
While polymer bills are costlier to produce, the BSP emphasized their long-term efficiency due to their extended lifespan. It also reiterated its support for the local abaca industry, confirming that the material will continue to be used for paper banknotes.
