MANILA - As the Bangko Sentral ng Pilipinas prepares to test polymer or “plastic” banknotes, a government agency that oversees the country’s fiber industry is contesting the central bank’s claims that plastic is better than paper.
Tangonan earlier said that they expect plastic bills to carry fewer bacteria than paper bills, which is “one of the reasons why we would like to test polymer.” The agency represents the country’s abaca industry, which has a stake in keeping Philippine banknotes paper-based. Current “paper” banknotes are made up of 20 percent abaca fiber, with cotton making up the other 80 percent.
Unlike paper bills which can be folded numerous times without breaking, plastic notes can’t be folded either. This would be a problem for Filipinos who often fold their money, PhilFIDA said. Amid the increasing scarcity of water, energy, and other inputs, the production of banknotes can be made more sustainable by shifting to polymer, the BSP said.
HongKong uses plastic money na di ba?