Use Abaca fiber for bills, BSP urged

The Department of Agriculture (DA) said it will request the Bangko Sentral ng Pilipinas (BSP) to reconsider the use of abaca fiber in the country’s banknotes, which the agency said will help promote the local abaca industry.

Agriculture Secretary Francisco Tiu Laurel Jr. said the central bank’s earlier decision to stop using abaca fiber has an “impact… on the livelihoods of millions who rely on the abaca industry.”

The central bank unveiled last December the new polymer banknotes. The previous ones are made of 80 percent cotton and 20 percent abaca.

Philippine Fiber Industry Development Authority Executive Director Arnold Atienza also called for greater support for the industry, noting that “Abaca is biodegradable and can be recycled into compost, benefiting the farming community.”

Abaca is indigenous to the Philippines, accounting for 86 percent of global supply in 2023, the DA said.

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But the country’s 120,145 abaca farmers are among the poorest sectors, earning less than P40,000 annually.

Tiu Laurel said the DA will also urge other agencies to use abaca fiber in the printing of passports and other documents.