BSP reminds public on the demonetization schedule of PH old banknotes

BANGKO Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo reminded the public that the old banknote series launched in 1985 can still be used for daily transactions up to Dec. 31, 2015.

From Jan. 1 up to Dec. 31, 2016, the old banknotes can still be exchanged in authorized agent banks and the BSP Cash Department. How- ever, starting Jan. 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 five years old. The old banknotes have been in cir- culation 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 Dec. 31, 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 Jan. 1 to Dec. 31, 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 or branches around the Philippines.

3. Government institutions holding old banknotes in 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 De- partment in writing, within the period of exchange, for a special exchange arrangement.

4. For Filipinos overseas, who have in their possession old banknotes which could not be exchanged within the prescribed period, they may register online starting Oct. 1 to Dec. 31, 2016 through the BSP website. These old banknotes may be exchanged with the BSP within one year from date of registration.

5. Starting Jan. 1, 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.