- The BSP reminds the public that old peso bills could only be replaced with new ones until December 31, 2016
- Old peso bills will lose their value by January 1, 2017 due to demonetization
- A BSP official said the demonetization process is conducted as a security measure against money counterfeiting
The Bangko Sentral ng Pilipinas (BSP) is reminding the general public that old banknotes issued before 2010 could only be replaced with New Generation Currency (NGC) bills until December 31, 2016.
In an article published by ABS-CBN News on May 23, 2016, it was disclosed that effective January 1, 2017, old peso bills will no longer be a liability of the BSP since these will be scheduled for demonetization.
“Demonetization has something to do with security and the drive against counterfeiting,” BSP Senior Research Specialist Ma. Lourdes Laconsay said; noting that the previous bills were in circulation for 30 years since it was launched in 1985.
To recall, the BSP issued a new design of bank notes in 2010 to combat the growing cases of money counterfeiting in the country.
Meanwhile, the BSP 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 up to the last day of the year.
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.
The BSP has ordered all financial institutions in the country to accept, exchange, or replace non-NGC bills until the end of the specified period.