BSP awards nearly P5 billion in contracts for new polymer banknotes

The Bangko Sentral ng Pilipinas (BSP) has awarded nearly P5 billion in contracts for new polymer banknotes, according to the Commission on Audit. This includes contracts for P50, P100, P500, and P1,000 denominations. De La Rue International Limited received the first contract for P50 banknotes, while Giesecke+Devrient Currency Technology was awarded a contract for P500 banknotes in September. Other contracts were given to Papierfabrik Louisenthal GmbH for P100 and P50 banknotes, and Surys for P1,000 banknotes. The new banknotes feature local wildlife instead of historical figures, which has drawn criticism from some groups. President Ferdinand Marcos Jr. confirmed that paper banknotes will still be valid and in circulation.