BSP taps info officers for demonetization campaign
The Bangko Sentral ng Pilipinas has urged public information officers (PIOs) in various municipalities and cities in Cebu to help disseminate about the ongoing demonetization of the old Philippine peso bills.
In a forum attended by PIOs yesterday, BSP Cebu acting director Leonides Sumbi called on the Cebu Association of City and Municipal Public Information Officers which, she said, could significantly help in spreading the information.
She asked the PIOs to help inform the cash handlers in local government units on demonetization, the process of removing the monetary value of a currency.
“We need them ( CAOCAMPIO) as our extension to help us in disseminating the information,” Sumbi said.
The central bank is demonetizing the old banknotes or the “New Design Series” starting last January 1 through December 31 this year.
While BSP Cebu has already covered 80% of Cebu province in the information dissemination, Sumbi claimed this may not have reached yet the cash handlers like treasurers and collectors in different cities and municipalities.
Those who are considered part of the group of cash handlers should also be aware on the matter, she said.
“They should know this early that we are demonetizing [ the old banknotes],” she noted.
The official said BSP Cebu regional office only covers Bohol and Cebu province including Cebu City.
The old bills can still be used for buying goods and services in 2015 but will no longer be used as legal tender starting January 1, 2016.
The public can have the old banknotes exchanged with the new bills called the “New Generation Currency” from January 1 this year until December 31, 2016 in universal, commercial, rural, thrift and cooperative banks.
Starting Jan. 1, 2017, old bills that have not been exchanged will no longer have any monetary value and will be considered demonetized.
The BSP emphasized the need to demonetize the old peso bills to side with the practice of other central banks around the world, which change their currency designs every 10 years. The design of the Philippine old bills – whose printing stopped in 2013 – has been used since 1985, that’s already 29 years.
It said the move also aims to protect the integrity of Philippine currency and boost the agency's drive against faking money.
Senior currency specialist Remedios Ilagan from BSP central office also oriented PIOs on the demonetization yesterday.
According to Ilagan, the new banknotes which were launched in December 2010 have new and improved security features to protect the people from counterfeiting.