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ABS 2025
Hard to counterfeit polymer bills
By J.Lo
“Counterfeits were of low quality, as their elements poorly matched advanced security features of polymer banknotes,” Bangko Sentral ng Pilipinas (BSP) reported significant decrease in counterfeit banknotes since introduction of polymer currency, with only one fake P1,000 polymer note detected per 82 million pieces in circulation.
This compares to one per 19,000 counterfeit rate recorded for older paper-based notes.
In statement, BSP collected data based on P1,000 polymer notes launched in April 2022.
Key findings show documented counterfeits of P1000 polymer banknote were only one per 82 million pieces. This means that there were 10 counterfeits out of 825.4 million in circulation from 2022 to November 2024.
In contrast, documented counterfeits of P1000 paper currency stood at one per 19,000 pieces. There were 98,316 counterfeits found out of 1.86 billion in circulation, reflecting vulnerability of traditional materials to forgery.
According to BSP, polymer banknotes incorporate advanced security features such as flora clear window, vertical clear window, embossed mirrored denomination and iridescent figure, among others, reduce risk of counterfeiting.
In a separate study conducted by De La Salle University’s Center for Engineering and Sustainable Development Research in 2023 and commissioned by BSP, global warming potential (GWP) of P1000 polymer banknote is 38.36 percent lower than that of its paper counterpart.
“Lower GWP is attributed to longer lifespan of polymer banknotes, reduces consumption of resources, such as electricity, throughout their life cycle,” BSP said.
Findings were in line with studies conducted by other central banks, Bank of England, the Bank of Canada and Banco de Mexico.
Department of Health also reviewed evidence from data collected during COVID-19 pandemic, confirming polymer banknotes are resistant to damage and dirt caused by water, oil and grime.
Meanwhile, BSP research shows polymer banknotes can last for as long as 7.5 years compared to 1.5 years for paper banknotes.
Central bank also receives fewer worn-out polymer banknotes compared with paper banknotes. From 2022 to November 2024, only 0.08 percent or 689,571 pieces of P1000 polymer notes issued were returned as worn-out or damaged, significantly cutting replacement costs.
By contrast, 54.4 percent or about one billion pieces of P1000 paper notes issued during same period were returned in poor condition.
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