Banks in the National Capital Region (NCR) should have their automated teller machines (ATMs) fully capable to service polymer notes by end-2022 while those in areas outside NCR by June 20, 2023.
The Bangko Sentral ng Pilipinas (BSP), which started issuing the P1,000 polymer banknotes last April, aims to issue an initial 10 million pieces as part of its test circulation.
It targets to issue 500 million pieces of P1,000 polymer banknotes by 2023.
“We have a schedule that we follow so if ever we will encounter challenges we will adjust such that we will definitely reach the target of issuing 500 million pieces in circulation,” BSP Bank Officer IV Xyza Jane S. Templonuevoshe said during a briefing on Friday.
BSP authorities have said that issuing polymer notes is more cost-effective because it has longer life span compared to the current paper notes.
The polymer notes also have security features that use advanced technology, which monetary authorities said is a good deterrent against counterfeiting. (PNA)