Photo Release

Use abaca in PH bank note: Sen. Aquilino “Koko” Pimentel III, during Wednesday’s plenary session September 28, 2022, delivers a privilege speech questioning the Bangko Sentral ng Pilipinas (BSP) for using polymer (plastic) material in the new one thousand peso bill replacing the old bank note which is made of 80 percent cotton and 20 percent abaca (Manila Hemp). Pimentel stresses that the Manila Hemp (abaca) fiber is known for its durability, flexibility, and resistance to salt water. “Abaca is so much part of our history and Filipino identity…The shift to polymer will be detrimental to the country’s abaca industry, especially the country’s income from the export of abaca fibers and manufactures amounting to US$97.1 million per year,” Pimentel said. According to the Federation of Free Farmers, the BSP’s decision to discontinue the use of abaca in making one thousand peso bill has reduced the market for the product and lessened the income of the 200,000 abaca-making families in 56 provinces in the country.(Albert Calvelo/Senate PRIB)