Product Owner : Bangko Sentral ng Pilipinas
Banknote Denomination/s and Date of Issue
In April 2022, the Bangko Sentral ng Pilipinas (BSP) began the circulation of the new 1000-Piso polymer banknote, the first banknote using polymer substrate that is issued by BSP.
The Polymer Project The BSP continuously looks for ways to improve the banknotes in line with the global best practices and in response to the evolving needs of the Filipinos and the availability of modern technologies. One such improvement is the use of polymer banknotes, which are known to be SMARTER (more secure and sustainable), CLEANER (more hygienic and sanitary), and STRONGER (durable and cost-effective) than paper banknotes.
The polymer banknotes have detailed images and sophisticated features that are more difficult to counterfeit, has less environmental impact given their small carbon footprint, lower water and energy usage and less environmental toxicity. When deemed unfit, these banknotes can be recycled into other usable forms such as products such as buiilding components, plumbing fittings, composit bins and other household and industrial products.
The Philippines joined Canada, Australia, New Zealand, Malaysia, Mexico, Fiji, and Vietnam as polymer banknote users. These countries have experienced a big reduction in counterfeiting cases after shifting to polymer banknotes, among other benefits.
Innovation and Uniqueness of Security Features
The sharp detailing of the Philippine eagle’s portrait adds to its intricacy, while the sophisticated security features embedded such as the small clear window depicting the “Sampaguita” flower with embossed lines structures and the text “BSP”, the vertically aligned value panel with roller bar effect, and the see-through windows combined with the application of print, ink and foil technologies makes counterfeiting a lot more complicated. Also, Five embossed dots were included as a tactile feature for the visually challenged.
The distinct design, texture and security features make the new polymer banknote easily distinguishable from paper banknotes while maintaining the appearance of the existing 1000-Piso New Generation Currency Philippine Banknote to avoid public confusion.
Integration of historical or local content that is relevant to the country
1000-Piso Polymer banknote features the flora and fauna theme which demonstrates the pride and distinction of Filipinos. The obverse side features two of the country’s national symbols; the Philippine Eagle, the national bird, (Pithecophaga Jefferyi) as its focal point, which exemplifies the Filipino’s uniqueness, strength, power, love for freedom, and a sharp vision for the country’s future and the Sampaguita, the national flower (Jasminum sambac) which symbolizes purity, simplicity, humility and strength.
The reverse side retains images of the Tubbataha Reefs Natural Park, declared as a UNESCO World Heritage Site, and the South Sea Pearl.
Effectiveness of the integration of security features into the banknote
While the Philippines does not have a major counterfeiting problem, crime syndicates keep improving their techniques in counterfeiting the New Generation Currency banknotes that are currently in circulation.
The use of advance technology and optimal resources makes polymer banknotes smarter than paper banknotes.
The polymer banknotes have more security features, making it hard to counterfeit than paper banknotes. Detailed images and sophisticated security features are embedded with the use of advanced technology designed to decrease the likelihood of counterfeiting.
Aesthetic appeal and overall design of the banknote or banknote series
Consistent with the principles of currency integrity, social relevance, efficiency, unified theme, and aesthetics, the 1000-Piso Polymer Banknotes adopted the flora and fauna theme and its overall apperance will remain as similar as possible to the exisiting 1000-Piso Enhanced New Generation Currency Philippine Banknote to avoid public confusion, except for the obverse side, which has the portrait of thePhilippine eagle as its main design.
The BSP featured the Philippine Eagle as this is one of the world’s most powerful birds of prey and is native to the Philippines. As such, it is a source of national pride and identity. It is also apt for the 1000-Piso polymer banknote—the highest denomination—because it depicts strength and love for freedom of Filipinos, as well as independence and a clear vision of the BSP to help achieve a better and more inclusive economy.