THE Bangko Sentral ng Pilipinas (BSP) has been honored with the Currency Manager of the Year award by Central Banking, a prestigious London-based organization. The award recognizes the BSP’s efforts to ensure a sufficient supply of highly trusted banknotes for the country’s growing economy. A key initiative cited was the BSP’s introduction of the polymer banknote series.
Central Banking also cited the BSP’s agreements with Banque de France and Bundesdruckerei, Germany’s state-owned banknote producer. These arrangements cover payments and currency management, security, and production. The BSP signed them in November and October 2024, respectively.
The BSP’s ongoing collaboration with Note Printing Australia, a subsidiary of the Reserve Bank of Australia, was also recognized for the production of the Philippines’ first polymer banknotes. The BSP initially issued the 1000-piso polymer banknote in 2022, followed by the 500-, 100-, and 50-piso denominations in December 2024.
The award was announced on March 20, 2025, with the official ceremony held on June 11, 2025.
In a recorded message shared on Central Banking’s website, BSP Governor Eli M. Remolona, Jr. stated: “Banknotes remain vital in our developing economy. We’re committed to ensuring our people have enough of them and have faith in them.”
Assistant Governor Mary Anne Lim accepted the award on behalf of the BSP, saying: “Our collaborative efforts with fellow central banks and government-owned printworks have made our currency management robust and resilient.”
The BSP will continue to produce paper banknotes, which will co-circulate with polymer notes. However, the polymer series has been expanded due to its “smarter, cleaner, stronger” advantages:
Smarter: Better security against counterfeiting.
Cleaner: More hygienic and eco-friendly.
Stronger: Two to five times longer than paper banknotes.
Central Banking provides information, analysis, and training to over 140 central banks and their partners worldwide.
This recognition adds to the BSP’s recent accolades, including:
Best New Banknote Series for the First Philippine Polymer Banknote Series, awarded by the International Association of Currency Affairs (IACA) on 28 May 2025.
Best Re-Circulation/Distribution Initiative or Innovation for its Coin Deposit Machine project, awarded by IACA in May 2024.
An A- rating for Governor Remolona from Global Finance magazine in August 2024. PR