Bangkok: The Bangko Sentral ng Pilipinas' (BSP) First Philippine Polymer Banknote Series (FPPBS) has been awarded the 'Best New Banknote or Banknote Series' by the International Association of Currency Affairs (IACA). The award ceremony took place in Bangkok, Thailand on May 28.

According to Philippines News Agency, the IACA praised the FPPBS for its security features, design, and incorporation of local elements, including flora and fauna unique to the Philippines. The innovative features of the FPPBS are said to redefine currency security within the country, combining functionality with aesthetic elements to create a robust and secure currency system.

The IACA highlighted that the overall design of the Philippine polymer banknotes is captivating. The inclusion of featured species not only enhances the banknotes' aesthetic appeal but also reflects the rich culture and natural heritage of the Philippines. This recognition underscores the BSP's commitment to innovation in currency design, aiming to align with global standards of security and sustainability, as stated by BSP Deputy Governor for Payments and Currency Management Mamerto Tangonan.

The rollout of the FPPBS began with the 1000-peso polymer banknote in 2022, followed by the release of 500-, 100-, and 50-peso denominations in December 2024. These polymer banknotes are currently circulating alongside existing paper currency.

The BSP noted that polymer banknotes are considered more advanced due to enhanced security features against counterfeiting and a lower carbon footprint. Their resilience to dirt, moisture, and microbes, along with a lifespan two to five times longer than paper banknotes, contributes to their durability.

IACA is an independent non-profit organization dedicated to promoting excellence in the cash cycle. It serves as a platform for knowledge sharing and collaboration on strategic matters among its members.