The Bangko Sentral ng Pilipinas (BSP) received the “Currency Manager of the Year” award from Central Banking, a London-based organization, recognizing its efforts to ensure a stable supply of trusted banknotes for the Philippines’ growing economy.
A key initiative cited was the BSP’s introduction of the polymer banknote series. Central Banking also noted the BSP’s agreements with Banque de France and Bundesdruckerei, Germany’s state-owned banknote producer, signed in November and October 2024, respectively. These agreements cover payments, currency management, security and production.
The BSP’s collaboration with Note Printing Australia, a subsidiary of the Reserve Bank of Australia, for the production of the Philippines’ first polymer banknotes was also recognized. The BSP first issued the 1,000-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 Remolona Jr. said, “banknotes remain vital in our developing economy.”
“We’re committed to ensuring our people have enough of them and have faith in them,” he said.
BSP assistant governor Mary Anne Lim accepted the award on behalf of the BSP. “Our collaborative efforts with fellow central banks and government-owned printworks have made our currency management robust and resilient,” said Lim.
The BSP said it would continue to produce paper banknotes, which would co-circulate with the polymer notes. However, the polymer series has been expanded due to its advantages for being smarter (offers better security against counterfeiting), cleaner (more hygienic and eco-friendly) and stronger (lasts 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 May 28, 2025.
It also received the Best Re-Circulation/Distribution Initiative or Innovation for its Coin Deposit Machine project, awarded by IACA in May 2024.
Governor Remolona also received an A- rating from Global Finance magazine in August 2024.
