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.