BSP polymer banknote series wins global award for innovation and design

The Bangko Sentral ng Pilipinas’ (BSP) First Philippine Polymer Banknote Series (FPPBS) has won the “Best New Banknote or Banknote Series” award from the International Association of Currency Affairs (IACA).

In a statement released last week, the BSP said the award was conferred during a ceremony held in Bangkok, Thailand on May 28.

IACA cited the FPPBS for its cutting-edge security features, striking overall design, and the incorporation of local flora and fauna, which reflect the country’s cultural and environmental richness.

“The FPPBS introduces innovative features that redefine currency security in the Philippines,” IACA said. “These advanced security features are seamlessly integrated into the design, ensuring both functionality and aesthetic appeal.”

The organization also praised the artistic representation of endemic species, saying it adds to the banknotes’ visual appeal while showcasing the Philippines’ natural heritage.

BSP Deputy Governor for Payments and Currency Management Mamerto Tangonan welcomed the recognition, saying, “This affirms our commitment to innovation in currency design, ensuring our banknotes meet global standards of security and sustainability.”

The BSP launched the P1,000 polymer banknote in 2022, followed by the P500, P100, and P50 denominations in December 2024. The polymer notes are currently in co-circulation with existing paper banknotes.

According to the BSP, polymer banknotes are smarter, featuring enhanced anti-counterfeiting technology; cleaner, due to their resistance to dirt, moisture, and microbes; and stronger, with a lifespan two to five times longer than traditional paper bills. They also have a lower carbon footprint.

IACA is an independent non-profit organization that promotes excellence in the cash cycle and fosters global collaboration in currency-related matters.