BSP reports new polymer banknotes reduce counterfeiting risks in the Philippines

The Banko Sentral ng Pilipinas (BSP) announced that new polymer banknotes are more effective against counterfeiting than previous paper notes. Studies show only 10 counterfeits were found among 825.4 million polymer notes in circulation since 2022. The BSP highlighted that the polymer notes have advanced security features and a longer lifespan of 7.5 years, compared to 1.5 years for paper notes. They are also easier to clean and less likely to be damaged. Public approval for the polymer banknotes has increased significantly, with 68.3% of respondents supporting them in early 2024, up from 38% the previous year. The BSP noted that over 40 countries use polymer banknotes.