THE Bangko Sentral ng Pilipinas (BSP) in Bacolod City is reminding Negrenses to exchange their old banknotes not later than December 29, which is the last day of their operations this year.
Job Nepomuceno, deputy director of BSP-Bacolod Branch, told SunStar Bacolod that on January 1, 2017, the old banknotes or the New Denomination Series (NDS) will already be demonetized.
Meaning, these currency bills will have no more monetary value and legal tender power starting next year, he said.
“Old banknote holders may also exchange their bills with their depository banks,” Nepomuceno said.
Launched in 1985, the Old Banknote Series, consist of five, 10, 20, 50, 100, 200, 500, and 1,000 peso bills, has been used for transaction until December last year.
The New Banknote Series, or the New Generation Currency Bills, on the other hand, have been used for daily transactions since December 2010.
Starting January 1 next year, only these banknotes can be used for transactions.
The demonetization process is in line with the provisions of Section 57 of Republic Act No. 7653, or the New Central Bank Act, authorizing the BSP to replace banknotes that are more than five years old.
Nepomuceno said that after the currency bills, BSP will also eventually implement demonetization among coins.
BSP Central Office, in a report, had earlier said that it has already started consultations with stakeholders on the proposed new generation coins that would feature the electromagnetic signature to guard against tampering and counterfeiting activities.