BSP: Decades-old peso bills no longer valid starting 2017

Peso bills launched in 1985 will fully lose their monetary value starting January 1, 2017, the Bangko Sentral ng Pilipinas on Thursday said.

 

But the demonetization will actually start on January 1, 2016, when the New Design Series (NDS) banknotes launched in 1985 may no longer be used for daily transactions.

 

Central Bank Deputy Governor Diwa Guinigundo said in an emailed statement on Thursday the public may use the old banknotes for daily transactions only up to December 31, 2015.

 

The old series peso bills can then be exchanged with New Generation bank notes in authorized banks from January 1, 2016 to December 31, 2016.

 

The New Generation banknotes have enhanced security features to protect the public from counterfeit currencies.

 

The demonetization process is in line with Section 57 of Republic Act No. 7653 or the New Central Bank Act.

 

The central bank is encouraging Pinoys to surrender their old bank notes before 19 BSP branches and commercial banks in exchange for the New Generation Currency bills launched in 2010.

 

Security features

Part of the security features is a see-through mark of the word "Pilipino" – written in baybayin or the pre-Hispanic Philippine Alphabet – in complete form when viewed against the light. 

 

Guinigundo is advising Pinoys to know their money by familiarizing themselves with the design, characteristics and distinct features of the banknotes.

 

The P500 and the P1,000 notes have optically variable device or OVD patch that changes colors from green to red and red to green. All banknotes have the OVD patch with BSP logo, amount of the currency and the hero or president watermark. 

 

The old banknotes do not have an OVD patch. 

 

The easiest way to distinguish between the NGC and NDS peso bills is to check the image or portrait of heroes and past presidents of the Philippines. 

 

"Ang pagkakaiba nila ay 'yung old na pera natin matanda ang mga nasa portrait habang mas bata naman sa bagong pera na na-i-launch natin noong 2010." Guinigundo noted.

 

There are 514.96 million pieces of the old banknotes in circulation as of April 2015, equivalent to P112 billion. Those that will not be exchanged for NGC bills before January 2017 will be demonetized –meaning the banknotes are no longer considered as having any monetary value.

 

Overseas Filipino workers may exchange their old peso bills by placing a reservation for NGC notes via online registration from October 1 to December 31, 2016.

 

They may claim the new banknotes as soon as they arrive in the Philippines.

 

Apart from media outlets, the BSP will post information on demonetization in government buildings as well as buses, jeepney, taxis, MRT and LRT. – With Andrei Medina/VS, GMA News