Old Philippine ‘money’ valid until December 31 – BSP

MANILA, Nov. 7 (PIA) – With less than two months before 2016, the Bangko Sentral ng Pilipinas (BSP) again reminded the public that the old ‘money’ or banknote series launched in 1985 can still be used for daily transactions up to December 31, 2015 only.

According to BSP, the public may continue to use the old banknotes in paying and buying of goods and services and other business or financial transactions requiring the use of cash.

The old banknotes left can still be exchanged 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 from January 1, 2016 up to December 31, 2016.

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.

For government institutions holding old banknotes 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.

Meanwhile for Filipinos abroad, who still have old banknotes which could not be exchanged within the prescribed period may register online starting 1 October 2016 to 31 December 2016 through the BSP website at www.bsp.gob.ph. These old banknotes may be exchanged with the BSP within one year from date of registration.

Starting January 1, 2017, the old banknote series will be fully demonetized or without monetary value.

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 banknotes have been in circulation for almost three decades. (BSP/RJB/JEG/PIA-NCR)

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