The Bangko Sentral ng Pilipinas (BSP) is reminding the public that old banknotes issued before 2010 will only be accepted in all kinds of financial transactions until December 31, 2015.
Sun Star shared that BSP Senior Research Specialist Ma. Lourdes Laconsay said that those who still have paper bills sporting the old design only have two months remaining to use the banknotes.
However, Laconsay said that while the old bills will no longer be accepted in transactions after 2015, the public will still be allowed exchange their money with the New Generation Currency (NGC) issued in 2010 from January 1 to December 31, 2016.
On January 1, 2017, old bills that remain in circulation shall be demonetized and will lose their financial value.
“Demonetization has something to do with security and the drive against counterfeiting,” Laconsay said; noting that the previous bills were in circulation for 30 years already since it was launched in 1985.
To recall, the BSP has issued a new design of bank notes in 2010 to combat the growing cases of money counterfeiting in the country.
Last Thursday, the BSP has disclosed that around 8.5 percent of banknotes currently circulating in the country at present still do not belong to the NGC. In a rough estimate, such paper bills still account for nearly P67 billion.
Meanwhile, the BSP has also launched an online facility wherein Filipinos who are out of the country during the authorized exchange period may request for late exchanging of banknotes from October 1 to December 31, 2016.
Those who are overseas may log-on to the BSP’s official website at www.bsp.gov.ph to register and gain more information on how they could schedule for a late exchange of bills.