THE Bangko Sentral ng Pilipinas said Wednesday that it is set to release soon new generation currency (NGC) banknotes containing the signature of President Rodrigo Duterte.
"The initial batch of NGC banknotes with the signature of President Rodrigo R. Duterte and BSP Governor Amando M. Tetangco Jr. is ready for release to the general public," the central bank said in a statement.
It said the new banknotes shall be issued to the authorized agent banks once the approval process is completed.
The central bank also reminded the public of the demonetization of the new design series (NDS) banknotes.
It said the NDS banknotes shall cease to be its liability and shall be considered demonetized on January 1, 2017.
It may be recalled that on December 29, 2014, it announced the timeline for the NDS demonetization process.
Under this timeline, all NDS banknotes were no longer acceptable as payment for any transaction since January 1, 2016 but could be exchanged at face value, free of charge, in authorized agent banks and at the BSP-Cash Department or any Regional Offices and Branches of the BSP until December 31, 2016. (SDR/Sunnex)