In 2009, the Philippines' central bank – the Bangko Sentral ng Pilipinas (BSP) has proposed the use of polymer banknotes during the time of then-Governor Amando Tetangco Jr.,[1] as he announced that will be shifted from paper into polymer substrate, and also the time when the New Design Series was planned to be redesigned for a new banknote series, and later it was not materialized the shift plan, when the New Generation Currency Series was launched on December 16, 2010, which still using paper substrate made from cotton-abaca fiber and to support local abaca farmers.
In 2021, BSP has revived[2] the proposal of the use of polymer banknotes during the time of COVID-19 pandemic under the leadership of then-Governor Benjamin Diokno, which they said that the polymer banknotes could not live bacteria and viruses for a short period of time; and a year later, the BSP presented the 1000-piso polymer banknote to President Rodrigo Duterte in Malacañang on April 6, 2022,[3] and it was issued on April 18, 2022, in limited quantities and in trial circulation.
After the trial circulation of 1000-piso polymer banknote in 2022, on December 19, 2024, the BSP launched the first-ever full polymer banknote series that they called the First Philippine Polymer Banknote Series, consisting of 50-piso, 100-piso, and 500-piso denominations; and it was presented in Malacañang led by President Bongbong Marcos and BSP Governor Eli Remolona Jr., and it was released on December 23, 2024, in limited quantities and in Greater Manila area.
[5] Colored red, the main design shown on the front of the note depicts a portrait of Visayan leopard cat (Prionailurus bengalensis rabori) or locally called as maral, and also features the clear window of Vidal's Lanutan flower (Hibiscus campylosiphon).
Colored violet, the main design for this denomination on the front depicts a portrait of Palawan peacock-pheasant (Polyplectron napoleonis) or locally known as tandikan, and also features the clear window of Ceratocentron fesselii orchid flower.