In the 1980s, Canadian engineering company AGRA Vadeko and US chemical company US Mobil Chemical Company developed a polymer substrate trademarked as DuraNote. It had been tested by the Bank of Canada in the 1980s and 1990s; test C$ 20 and C$ 50 banknotes were auctioned in October 2012. It was also tested by the Bureau of Engraving and Printing of the United States Department of the Treasury in 1997 and 1998, when 40,000 test banknotes were printed and evaluated; and was evaluated by the central banks of 28 countries.
Polymer banknotes usually have three levels of security devices. Primary security devices are easily recognisable by consumers and may include intaglio, metal strips, and the clear areas of the banknote. Secondary security devices are detectable by a machine. Tertiary security devices may only be detectable by the issuing authority when a banknote is returned.
In the Philippines, it was proposed in 2009 to shift to the usage of polymer for Philippine peso banknotes. This did not push through due to concern the shift would have over the impact to country's abaca industry. The proposal was revived in 2021 during the COVID-19 pandemic since the polymer banknotes can be sanitized with less damage compared to paper banknotes, as well as other reasons such as durability, lesser average issue cost, and lesser susceptibility to counterfeiting. In April 2022, The Bangko Sentral ng Pilipinas officially released the 1000 peso bill polymer bank note into circulation. In December 2024, the BSP (Central Bank of the Philippines) has announced that they will be issuing polymer notes in the denominations of 500, 100, and 50 pesos in the first quarter of 2025.
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