The Bangko Sentral ng Pilipinas (BSP) has introduced new polymer banknotes to combat counterfeiting, reporting only 10 counterfeit notes among 825.4 million polymer bills in circulation from 2022 to November 2024.
This marks a significant improvement over paper banknotes, which had one counterfeit per 19,000 notes.
The polymer notes feature advanced security elements, including clear windows, embossed denominations, and iridescent figures, making them more difficult to counterfeit.
Additionally, these notes are more durable, with a lifespan of at least seven times longer than paper bills, reducing production costs and environmental impact.
The BSP plans to ramp up production of these polymer notes in 2025 to further enhance currency security.
Source: PhilNews24 | December 27, 2024
