Photo Release

Villar weighs pros and cons of polymer banknotes: Sen. Mark Villar, chairperson of the Committee on Banks, Financial Institutions and Currencies, presides over the hybrid hearing on the frequent changes in the Philippine banknotes and coins Wednesday, October 19, 2022. During the hearing, Villar raised the question whether changing the banknotes is necessary at this point as planned by the Bangko Sentral ng Pilipinas (BSP). The senator recognized that changing the banknotes has its pros and cons. On one hand, Villar said, it is necessary to change the design of the Philippine currency as a precaution against advancements in counterfeiting technologies. However, Villar pointed out that the polymer material used for the new banknotes makes it slippery and uncomfortable to hold, count and transfer, and the colors easily fade. “We will carefully weigh the pros and cons of the recent initiatives of the BSP on the subject matter, with the aim of providing a recommendation or a legislation on what’s more beneficial for all Filipinos,” Villar said. (Screengrab/Senate PRIB)