Philippine eyeing abaca for overseas banknote production

MANILA, Philippines — The Department of Agriculture (DA)’s fiber industry development arm is exploring the use of local abaca in banknote production with French authorities, promoting its use as part of a broader effort to strengthen the country’s fiber industry and expand international market opportunities.

The Philippine Fiber Industry Development Authority (PhilFIDA) yesterday said they held a meeting with Banque de France, the national bank of France, and officials from the French embassy to discuss the potential application of abaca in currency manufacturing.

PhilFIDA executive director Ali Atienza led the discussions with representatives from France, including Pierre-Yves Boissinot of the Banque de France, Michael Barret, a research and development manager and Matisse Gauthier from the French embassy.

“Abaca is a world-class fiber that combines durability and eco-friendliness,” Atienza said in a statement.

“By exploring its applications in currency production, we aim to showcase Philippine products on the global stage while promoting economic and cultural value,” he added.

Abaca, also known as Manila hemp, is a biodegradable, renewable and highly durable fiber. 

The Philippines supplies roughly 85 percent of the world’s abaca according to the PhilFDA, making it a vital contributor to the global fiber market.

It added that using abaca in banknotes of other countries could elevate the country’s international recognition, strengthen the livelihood of local farmers and support sustainability efforts aimed at reducing plastic use.