Felipe Medalla, Governor of the Bangko Sentral ng Piplipinas, said this weekend that polymer banknotes of 500 piso (PHP500.3) will be issued by mid-2023.
BSP has already paid Note Printing Australia 3.7 billion (=USD 66,400,00) to supply 500 million pieces of the 1,000 piso notes.
The 1,000 piso new polymer banknotes are currently being dispensed over the counter, not by ATMs, because they tend to stick to each other. It is expected that machine recalibration will be completed by years’ end, solving the problem.
The production of polymer 100 piso banknotes (PHP100.4) is expected to start at a later date
Source: mb..com.ph
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