Philippines planning to issue polymer notes
Jul 08, 2009 02:59 PM Category: East and Southeast Asia
According to a BuinessMirror report dated 8 July 2009, Bangko Sentral ng Pilipinas (BSP) is planning to replace its existing abaca-and-cotton banknotes with polymer notes. Deputy BSP governor and officer in charge, Armando Suratos, provided no details on the timing of such a move, but stated that it would result in savings over the long term as polymer notes outlast paper notes in circulation even though they are initially more costly to produce. No further details are available at this time.