By ABS-CBN News
MANILA – The Bangko Sentral ng Pilipinas (BSP) is again reminding the public that old banknotes will no longer have monetary value staring January 1, 2017.
The old banknote series launched in 1985 can still be used for daily transactions up to December 31, 2015 only.
It can be exchanged in authorized agent banks and the BSP Cash Department from January 1, 2016 to December 31, 2016.
“The public may continue to use the old banknotes up to December 31, 2015 in paying and buying of goods and services and other business or financial transactions requiring the use of cash. Thereafter, these of banknotes will no longer be accepted for payment transactions,” the BSP said in a statement on Thursday.
By 2017, BSP expects the circulation of only one currency series, the New Generation Banknotes, introduced in December 2010.
The new generation bills have enhanced security features against counterfeiting.
The BSP said overseas Filipinos who have old banknotes that they cannot surrender within the prescribed period may register online starting October 1, 2016 to December 31, 2016 through the BSP website.
“These old banknotes may be exchanged with the BSP within one year from date of registration,” the central bank said.
The demonization 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 circulation for almost three decades.