THE Philippines once again garners global recognition, this time with its new polymer peso banknotes being awarded “Best New Banknote or Banknote Series” by the International Association of Currency Affairs (IACA). 

During a ceremony held in Bangkok, Thailand, the First Philippine Polymer Banknote Series (FPPBS), introduced by the Bangko Sentral ng Pilipinas (BSP), was honored by the non-profit group for its impressive design.

According to the report, the IACA praised the FPPBS for its innovative and distinct security features, including the dynamic value panel that changes appearance with light, transparent windows, and shadow threads.

In addition, the organization highlighted the visual and cultural appeal of the polymer bills, calling them “captivating and culturally significant,” and noting how they have set a new standard for currency security in the country.

“These advanced security features are seamlessly integrated into the overall design, ensuring both functionality and aesthetic appeal,” the IACA said in a statement.

Take Pride 

In addition to the Philippines, several other countries made it to the top of the list. The Bank of Jamaica New Series and the Saka Style Kazakhstani Banknote Series round out the finalists for the award.

The FPPBS, available in P500, P100, and P50 denominations, was officially introduced in December 2024, following the release of the P1,000 polymer banknote into circulation in 2022.

Meanwhile, BSP deputy governor for payments and currency management Mamerto Tangonan said the country’s inclusion in the list highlights its strong commitment to innovation.

“This recognition affirms our commitment to innovation in currency design, ensuring that our banknotes meet the global standards of security and sustainability,” Tangonan said in a separate statement.

The recent recognition follows the P1,000 polymer banknote’s 2022 win, when it was named “Banknote of the Year” by the global non-profit group, International Banknote Society (IBS).

Based on reports, the BSP allocated almost 5 billion pesos for the rollout of the new plastic banknotes, as reported by the Commission on Audit.

At the same time, a BSP survey conducted last year revealed that most Filipinos favor the shift to polymer banknotes, which are considered “smarter, cleaner, and more durable.”