No More Heroes? BSP's New Banknotes Focuses on Wildlife Instead
Don't go looking for the old familiar faces.
(SPOT.ph) The Bangko Sentral ng Pilipinas (BSP) officially launched the Philippines’ first polymer currency series at a ceremony held in Malacañang on Thursday, December 19. The new polymer P50, P100, and P500 banknotes, following the release of the polymer P1,000 bill in 2022, will be released in limited quantities in Greater Metro Manila on Monday, December 23, and will enter nationwide circulation in January 2025.
During the unveiling, President Ferdinand Marcos Jr. called the new polymer banknotes "a historic moment for our country," adding that its timely release aligns with the global best practice of updating currency features every 10 years. This series, he said, is designed to be clean, durable, and sustainable.
"Polymer banknotes are designed to keep up with the demands of everyday life. Unlike paper bills, which wear out after about a year or a year and a half, polymer banknotes can last up to seven and a half years, five times longer. And that means that we no longer need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment," he said. Moreover, the added security features help mitigate counterfeiting.
Criticism over the absence of key historical figures in the new BSP bills
But what's easily noticeable about the new features of the polymer currency series is what's missing: the familiar faces. BSP confirms that instead of the notable historical figures and mugs of former Philippine leaders that graced the previous iterations of the Philippine currency, the new polymer banknote series will feature native flora and fauna as well as local weave designs.
The absence of the historical figures, including former presidents Benigno "Ninoy" Aquino and Corazon "Cory" Aquino, prompted a wave of concern and criticism online. The August Twenty-One Movement (ATOM), founded to protest the 1983 assassination of Ninoy Aquino, even released a statement. "Do we really want a country devoid of heroes? Are we better off forgetting them?" it asked. The statement reminded the public of the contributions and sacrifices of the likes of Jose Abad Santos, Josefa Llanes Escoda, and Vicente Lim—who were on the P1,000 paper bill that was updated with a polymer banknote version in 2022.
Old bills will still be in circulation, BSP says
Instead of Filipino leaders, the new polymer banknotes will feature the Visayan spotted deer, Palawan peacock pheasant, and whale shark. "The polymer series raises awareness of the country's threatened species, serves as a symbol of Filipino identity, and fosters national pride," said BSP Governor Eli Remolona Jr. Meanwhile, Atty. Sarah Severina Curtis, director of the BSP Banknotes and Securities Production Management Department, told TeleRadyo Serbisyo that the old notes with the historical figures will remain in circulation.
"Wala pong pagtanggal [sa heroes]," she explains in the radio interview, saying that BSP is simply adding to the different banknote designs. "We want to also feature what other elements of Filipino identities are. Bukod sa heroes, we are also known for our rich biodiversity kasi, so yung mga endemic, endangered species naman natin i-feature."
According to BSP, it has always featured the country's heroes and natural wonders in banknotes and coins. The polymer banknotes series will "co-circulate alongside paper banknotes" which bear the images of our national figures. Both banknotes will be honored in cash transactions.
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