Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo reminded the public regarding the old series of the banknote which was launched during the year 1985. She mentioned that they can only be utilized for daily monetary transactions until December 31, 2015.
From the 1st day of January to the 31st day of December of the year 2016, the banknotes launched in 1985 may still be up for exchange in the Cash Department of BSP and in agent banks that are authorized to perform such transactions. On the other hand, beginning January 1, 2017, all bills from the previous banknote series are going to be totally demonetized.
This only means that all the banknotes introduced during the last month of the year 2010 is going to result in the single currency series circulation in the Philippines. The New Generation Banknotes possesses more improved security features for the protection of the people against counterfeiters.
The New Central Bank Act, or Republic Act No. 7653, Section 57, covers the process of demonetization of all the old banknotes. This gives the BSP the authority to replace all the banknotes which are over five years old. For almost 30 years, the old bills have been circulating.
Here are some relevant pieces of information for the public regarding this concern:
- The old banknotes may still be used to buy and pay for services and goods and other financial or business transactions which require cash use until the 31st day of December 2015. After the said date, the 1985-launced banknotes are not going to be acceptable in payment transactions anymore.
- From January 1, 2015 to December 31, 2016, exchanges of the old banknotes with the NGC or New Generation Currency Series with authorized financial outfits without charges, such as commercial and universal banks, rural and cooperative banks and thrift banks, will be allowed. The old banknotes can also be exchanged with the Bangko Sentral ng Pilipinas or with its regional branches in the country.
- Government institutions which hold old banknotes that can’t be exchanged within the prescribed period, like the banknotes utilized as evidences in litigation cases, will need to provide a written request to the Cash Department of the BSP, within the exchange period, for special arrangements of exchange.
- For OFs or Overseas Filipinos abroad, who still have old banknotes under their possession, which couldn’t be up for exchange within the said period, they can register online from October 1, 2016 to December 31, 2016 via BSP’s website. The old banknotes can be up for exchange with BSP within a year from the registration date.
- Starting January 1, 2017, all NDS banknotes which haven’t been exchanged will be demonetized.
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