BSP Polymer Banknotes — Bangko Sentral Plans to Print Its Own Plastic Money Starting 2027
BSP POLYMER BANKNOTES – The Bangko Sentral ng Pilipinas (BSP) is preparing to print polymer banknotes on its own by 2027 instead of relying fully on a foreign printer, a top central bank official said on Monday, November 9, 2026.
BSP Deputy Governor Mamerto Tangonan told reporters in Quezon City that the central bank is already setting up a production line inside its Security Plant Complex in Quezon City for the plastic-based bills, which are currently produced in Australia, GMA News reported.
“To give you an answer, it’s within 2027… We will produce our own. You know, we have to learn, learn to operate the polymer lines so that we’re not forever just importing,” Tangonan said.
What We Know So Far
- Target year: in-house production of polymer bills is eyed within 2027
- Location: the BSP Security Plant Complex in Quezon City
- Initial setup: one polymer printing line
- Capacity: up to 500 million pieces of banknotes a year
- Reason: high demand for polymer notes and less dependence on outsourcing
The preparations are also reflected in the central bank’s procurement listings. The BSP Bids and Awards Committee has posted an invitation to bid for the site preparation for the installation of one polymer printing line in the Security Plant Complex, with an approved budget of ₱7,497,000.
Tangonan explained that the plant will run one product at a time. “We have a production plan for the whole year. It’s a good practice to run only one product at a time because when you change, you have to change the plate and bring the machines down; you have to clean it,” he said.
Polymer Bills Currently Made Abroad
The BSP’s printing facility in Quezon City was previously equipped to print only paper-based money, which is why the polymer notes have been outsourced to Note Printing Australia, a subsidiary of the Reserve Bank of Australia, according to earlier reports by Manila Bulletin.
The first Philippine polymer bill was the ₱1,000 note, whose design was unveiled in December 2021 and released into circulation in April 2022. In 2024, the BSP followed it up with the First Philippine Polymer Banknote Series (FPPBS) covering the ₱500, ₱100 and ₱50 denominations. The series was named “Best New Banknote or Banknote Series” by the International Association of Currency Affairs (IACA) in 2025.
Why the BSP Is Pushing Polymer
According to the central bank, polymer notes are:
- Smarter – they carry advanced security features that make counterfeiting harder
- Cleaner – they are less likely to be damaged or soiled by water, oil and dirt
- Stronger – they can last up to 7.5 years, compared with about 1.5 years for paper bills
- Greener – their global warming potential is 38.36% lower than paper notes
A 2024 survey cited by the BSP showed that 61.3% of Filipinos support the shift of Philippine banknotes to polymer. Tangonan added that feedback from the public and banks has been “very good,” noting that ATMs can hold more polymer notes because they are thinner than paper bills.
Despite the growth of digital banks and e-wallets, the BSP official said demand for cash keeps rising. “You know what, it’s a paradox that both (cash and e-cash) continue to increase alongside each other,” Tangonan said.
Have you read about the release of the new BSP polymer banknotes and the latest USD to PHP exchange rate today?
