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Old bank notes to be demonetized

Discussion in 'Banking - Investing - Finances' started by Rye83, Mar 19, 2015.

  1. Rye83

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    The Bangko Sentral ng Pilipinas is appealing to the public to use the old Philippine bank notes under the New Design Series within this year as they will be officially removed from circulation in 2016.

    At a forum Wednesday in Dumaguete City, BSP-Dumaguete senior resident specialist Gregorio Baccay III, said that are two design series in circulation in the country, the NDS and the New General Currency, launched in December 2010.

    But the NDS has to be demonetized by 2017 as the banknotes have been around for about 29 years or since 1985, Baccay said.

    The demonetization started January 1, 2015, he said.

    Ideally, the demonetization of banknotes is done every ten years to safeguard the integrity of the currency, Baccay said.

    This year, the NDS bank notes, consisting of five, ten, 20, 50, 100, 200, 500 and 1,000 peso denomination are still legal tender, meaning they can still be used for purchase or for other similar financial transactions.

    However, beginning January 1, 2016, they will no longer be considered legal tender, but they can still be exchanged at face value, free of charge, at the Bangko Sentral or at the banks, he said.


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