BSP to release new version of 100 bills

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo yesterday announced that the central bank will be releasing a re-colored 100piso banknotes soon amid criticisms of its confusing color-similarity with the 1,000-piso banknotes.

“In response to comments from the public, the BSP is set to release a version of the 100-piso NGC (New Generation Currency) banknote with its color scheme revised to make it easier to distinguish from the 1000piso banknote,” said Guinigundo in a briefing on updates about banknotes’ demonetization.

The 100-piso is printed in violet color while the 1,000-piso is in blue.

In the same press conference, Guinigundo said as of the end of the third quarter, the soon-to-be decirculated New Design Series banknotes only account for 15.89 percent of number of banknotes in circulation or 8.51 percent of total value of cash in circulation.

“At present, both the old banknote series (NDS), launched in 1985, and the NGC series, launched in 2010 can be used freely,” said Guinigundo.

The remaining NDS can be used to pay for goods and services until December 31, 2015. From 1 January to 31 December 2016, old banknotes will not be valid as payment. “However, banks and BSP branches/offices will exchange them at face value and free of charge,” said Guinigundo.

Guinigundo also reminded the public that the NDS will lose monetary value by January 1, 2016 but provisions were made for overseas Filipinos to exchange their old banknotes if they are not in the country during the replacement period. “Said OFWs can register online from October to December 2016 to exchange their old banknotes within a year from the date of registration.”

The BSP has informed the public of the NDS demonetization as early as 2013 and gained ground by December 2014.

(FEDERICO CRUZ) BSP DEMONETIZATION UPDATE – Deputy BSP Gov. Diwa Guinigundo holds up the soon-to-be released new 100-peso bill (right) which features a new shade of purple, that makes it easier to distinguish it from the 1000-peso bill (left), during a media update regarding the ongoing demonetization of the old banknote series from 1985. As of Sept 30, 2015 these old bills accounted for 15.89% of notes in circulation (8.51% of total value in circulation), down from 20.98% at the end of 2014 (or 20.41% of total value in circulation). He reminded the public that old banknotes will no longer be valid as payment starting January 1, 2016. They can however, be exchanged for new notes free of charge until the end of 2016 only.