If you still have some old banknotes in your wallet, now may be a good time to use them.
According to Diwa C. Guinigundo, Deputy Governor of Bangko Sentral ng Pilipinas (BSP), the Philippine banknote series launched back in 1985 will only remain in circulation until the end of this year only. Next year, they will not be used for buying goods and services or any type of financial transactions anymore.
Along with that Guinigundo also added that effective January 1, 2016 until December 31, 2016, the BSP Cash Department and authorized agent banks will accept the notes for exchanging. Beyond that, however, is an entirely different story since the banknotes will be officially demonetized by January 1, 2017.
Meanwhile, the New Generation Currency (NGC) banknote series issued beginning in December 2010 will replace the old notes and will be the only currency to be used in the country. The new series has improved security features which have been put in place to protect the public from counterfeiters. The previous banknotes have been in public use for about three decades already.
So to sum it up and answer a few questions:
Yes, people may still use the old banknotes – at least until the 31st day of December 2015. Beginning January 1, 2016, the banknotes will no longer be accepted for any kind of financial transaction.
Starting the 1st day of January 2016 up to the 31st of December 2016, authorized banks and BSP offices around the country will accept the old banknotes for exchanging with the New Generation Currency series at no additional charges.
On the other hand, government institutions who have to hold on to the old banknotes within the specified period (such as for investigation of a case, etc) will need to write a request to the BSP Cash Department, explaining the situation and asking for a special exchange arrangement.
Finally, Overseas Filipino Workers (OFWs) who still have old banknotes in their possession could instead register online through the BSP official website for more information.
This is just a reminder for those of you who are keeping some old Philippine banknotes.
Watch also the explanation and report below: