New banknotes signed by Duterte now in circulation in Cebu banks
NEW bills worth P135 million bearing the signature of President Rodrigo Duterte have already been distributed to Cebu’s banks, said the Bangko Sentral ng Pilipinas (BSP) Cebu Regional Office.
The bills arrived last Dec. 21, said BSP Cebu Bank Officer Hazel Cultura, but they are in P20 to P200 denominations only.
According to Cultura, five boxes of P200 banknotes worth P50 million, 10 boxes of P100 banknotes worth P50 million, 10 boxes of P50 banknotes valued at P25 million, and P20 banknotes worth P10 million have already been shipped.
Bills in P500 and P1,000 denominations were scheduled to fly in to Cebu last Dec. 26, but this was cancelled.
She said this and more will be delivered to Cebu within the year but no definite date was given.
BSP has also reminded the public that it has extended the deadline for exchanging old banknotes to the new series to March 31. After this date, the old bills will not be accepted for transactions and will no longer have value.
Previously, BSP set a Jan. 1, 2017 deadline for the exchange of old banknotes.
The BSP is informing the public that that they can exchange old notes at any bank even if they are not account holders of the bank.
The move to retire old banknotes, according to the BSP, is in line with the practices of other central banks across the world, which change their currency design every 10 years.
In addition, the retirement of banknotes will also safeguard the integrity of the Philippine banknotes against counterfeiting. The banknotes issued first in 2010 or the New Generation Currency (NGC) is said to have “new and enhanced” security features.