Old Philippine Peso Bill (1985 ~ 2015)
Bangko
Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo today reminded the
public that the old banknote series launched in 1985 can still be used for
daily transactions up to December 31, 2015.
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.
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 banknotes have been in circulation for almost three decades.
The
public is advised of the following important information:
1.
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;
2.
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.
3.
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;
4.
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
5.
Starting 1 January 2017, NDS banknotes that have not been exchanged shall no
longer have any monetary value, and are considered demonetized.
