The Bangko Sentral ng Pilipinas (BSP) regional office in Cagayan reminded the public that the old banknote series launched in 1985 will only be accepted until December 31, 2015.
Ma. Elena Madriaga, senior research specialist, said the start for the old banknotes demonetization has been announced early last year to give the public enough time to make a full transition to the new-generation currency.
She said from January 1, 2016 up to December 31, 2016, the old banknote series can still be exchanged in authorized agent banks and at the BSP Cash Department and regional offices.
“But starting January 1, 2017, the old banknote series will be fully demonetized or without monetary value,” Madriaga said, adding that the new generation banknotes introduced in 2010 will now remain as the single currency series in the country.
She said the new generation banknotes have more and enhanced security features to protect the safety of the public against counterfeiters.
Madriaga added that 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 5 years old.
“The old banknotes have been in circulation for almost three decades,” she said. (ALM/GVB/PIA-2/Cagayan)
