BSP urges public to surrender demonetized banknotes

THE provincial branch of the Bangko Sentral ng Pilipinas (BSP) in Negros Oriental is asking the public to surrender demonetized banknotes even as an extension period was granted for these.

The BSP local office Wednesday, January 4, said the old banknotes are already demonetized and have no value at all as it reminded business establishments they can receive the same at their own risks.

However, with more than one billion of old banknotes still in circulation, the BSP has extended the date of changing these old banknotes to the new ones up to March 31, 2017.

BSP Dumaguete Branch deputy director Nick Parco said the BSP is taking cognizance of the fact that these are hard earned money from businesses, employment and the like, and so the deadline was extended.

He told business establishments to advice their clients and customers to bring their old banknotes to the banks including the BSP so their money will not be put to waste.

Records show millions if not a billion or so of these old banknotes are still in circulation, prompting the monetary board to issue the memorandum.

The local BSP branch also awaits for the new design series that has the signature of President Rodrigo Duterte, even as in Manila the money is already in circulation, Parco reported.

BSP reiterates a warning against violations of the anti-mutilation law as provided for in Presidential Decree 247.

BSP Dumaguete Senior Research Specialist Greg Bacay issued the reminder after receiving reports of mutilation especially in cockpits, “tigbakays” or illegal cockfights and the like where paper bank notes are crumpled and the like.

He said penal provisions are provided for which include a five-year imprisonment and a fine of not more than P20,000. (PNA)


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