BSP disengages over P600-B worth of banknotes

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00:00Over Php 600 billion worth of banknotes were still disengaged by the Banco Central ng Pilipinas

00:06last year as these were no longer fit for circulation. According to BSP, the retired

00:122024 banknotes reflect an 11.3% decline from the 2023 level given the wider circulation of the

00:20Php 1,000 polymer banknote. The Php 1,000 polymer banknote was released in circulation in April 2022

00:28while BSP released into circulation the polymer banknote versions of the Php 500,

00:33Php 100, and Php 50 denominations in December last year. While the retirement of banknotes

00:40declined, the Central Bank noted an increase in coins devised over 100 metric tons in 2024,

00:47marking an almost 60% increase from the previous year. The Central Bank also saw over 12% increase

00:54in banknote withdrawals of banks in terms of value to Php 1.5 trillion while coin withdrawals

01:02declined over 3% to Php 9.8 billion. In terms of deposits, banknotes increased by 0.2% to

01:11Php 1.2 trillion while coins grew by 26% to over Php 1 billion.

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