Lawmakers have filed a bill mandating the Bangko Sentral ng Pilipinas (BSP) to start using non-porous polymer instead of paper in the printing of Philippine bank notes.
Reps. Rufus Rodriguez of the 2nd District of Cagayan de Oro City and Maximo Rodriguez Jr. of Abante Mindanao said House Bill 3689 provides, however, that the BSP shall institute security measures necessary to prevent counterfeiting.
Rodriguez said countries such as Australia, New Zealand, Brazil, Romania, China, Indonesia, Singapore, Malaysia, Brunei, Thailand and Canada have converted from using paper notes to plastic bank notes.
It seems that the international trend now is using plastic instead of paper in manufacturing bank notes, according to Rodriguez.
“Studies and reports show that plastic is more beneficial than paper. Plastic bank notes lasts anywhere from two to five times longer than paper bank notes, performs better in vending machines and is harder to counterfeit,” Rodriguez stressed.
Rodriguez emphasized that unlike paper bank notes, plastic bank notes do not shed tiny bits of ink and dust that can disable Automated Teller Machines (ATMs) by confusing their optical readers.
Rodriguez said plastic bank notes also stay cleaner and become less grubby than paper money, because the non-porous surface doesn’t absorb perspiration, body oils or liquids.
“In fact, the plastic money is virtually waterproof and can take a lot of abuse. You can bend and twist plastic bank notes without damaging it. The new plastic bank notes are also less likely to spread disease, because it’s harder for bacteria to cling to the slick, non-absorbent surface,” Rodriguez said.
Rodriguez added that aside from these benefits, a country will eventually save more on the production of plastic bank notes because although more costly to print, their longer life span means that a country will end up printing fewer bills.
Under the measure, the Monetary Board is directed to issue the necessary resolution, as required by Republic Act 7653 or the “New Central Bank Act,” to implement this Act.
“It is high time that the Philippines embrace this trend and start using plastic bank notes instead of paper so we can also enjoy the benefits of using plastic bank notes,” Rodriguez said. PNA