The
Bangko Sentral ng Pilipinas has reminded the public that the
old banknote series launched in 1985 can still be used for daily transactions up to
December 31, 2015 or end of this year. This means that the New Generation Banknotes introduced in December 2010 will result in the circulation of a single currency series in the
country. The
New Generation Banknotes have more and enhanced security
features to protect the safety of the public against counterfeiters.
The demonetization process of the
old banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than 5 years old. The
old ph banknotes have been in circulation for almost three decades.
The public is advised of the following important information:
- The public may continue to use the old banknotes up to 31 December 2015 in paying and buying of goods and services and other business or financial transactions requiring the use of cash. Thereafter, these old banknotes will no longer be accepted for payment transactions;
- From 1 January 2015 to 31 December 2016, the public may exchange with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, their old banknotes with the New Generation Currency (NGC) Series at full face value, without charge.The public may also opt to exchange their old banknotes with the BSP or any of its regional offices/branches around the Philippines.
- Government institutions holding old banknotes in which could not be exchanged during the prescribed period, such as banknotes used as evidence in a litigation case, will have to request the BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement;
- For Overseas Filipinos (OFs) abroad, who have in their possession old banknotes which could not be exchanged within the prescribed period, they may register online starting 1 October 2016 to 31 December 2016 through the BSP Website. These old banknotes may be exchanged with the BSP within one (1) year from date of registration; and
- Starting 1 January 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.
From January 1, 2016 up to December 31, 2016, the old banknotes can
still be exchanged in authorized agent
banks and the
BSP Cash
Department. However, starting January 1, 2017, the old banknote series
will be fully demonetized or without monetary value.
