MANILA, Philippines- Say goodbye to your old peso bills as they “no longer have any monetary value, and are considered demonetized” by January 1, 2016.
The Bangko Sentral ng Pilipinas has stopped the circulation of old bank notes since the start of the new year January 1, 2015.
According to BSP Deputy Governor Diwa C. Guinigundo, the demonitization process which runs from January 1 this year until end of 2016, will make way for the “new generation” currency bank notes launched in December 2010. Moreover, such move will also prevent the counterfeiting of the Philippine bank notes.
“Why do we need to demonetize from the perspective of the Bangko Sentral? We want to align with the practice of other central banks around the world which normally change the currency design every 10 years,” Guinigundo explained.
The printing of the old peso bill design, which has been used since 1985, has stopped in 2013.
What to do with old bank notes?
Old bank notes can be still used for payment of goods and services until the end of 2015. However, beginning 2016, old peso bills will no longer be accepted.
From January 1, 2015 until December 31, 2016, Individuals holding old bank notes may visit the nearest BSP offices and branches to exchange their old bills with new ones.
Overseas Filipino workers with old peso bills need not to worry even if they are residing in another country as BSP is giving them an opportunity to have it exchanged.
“For overseas Filipinos abroad, who have in their possession (old) bank notes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website,” Guinigundo said.