Photo Release

Test P1,000 polymer banknote first: Senate Minority Leader Aquilino "Koko" Pimentel III urges the Bangko Sentral ng Pilipinas (BSP) to further study and test the use of the new P1,000 banknote before deciding to change those of other denominations. Pimentel made the call as the Committee on Banks, Financial Institutions and Currencies launched on Wednesday, October 19, 2022, its inquiry on the BSP's decision to shift from paper to polymer banknotes, starting with the P1,000 banknote. The minority leader, who filed the resolution which prompted the public hearing, called for transparency in the processes in changing the Philippines' banknotes, citing negative feedback from users and possible impacts to the country's abaca industry. The pilot testing, he said, would allow the BSP to collect necessary data and feedback for properly implementing its planned shift to new generation currency. "In the meantime, if there are plans in the pipeline to conduct pilot testing [for] the other denominations, like P500, P100, which would be changed to polymer, let us suspend it first. Let us not have simultaneous experiments. Let's stick to this pilot testing in the meantime," Pimentel said in mixed English and Filipino. (Screengrab/Senate PRIB)