Philippines begins phase-out of older banknotes
- Published: Dec 31, 2014, 4 AM
The Philippines central bank, Bangko Sentral ng Pilipinas, is phasing out old bank notes starting Jan. 1, 2015.
The notes introduced in December 2010 will be the circulating banknotes. All older notes will be demonetized to preserve the integrity of the Philippine peso and as a benchmark in line with other countries’ central banks practice of demonetizing banknotes every 10 years to prevent counterfeiting, according to a story published online Dec. 30, 2014, at www.visayandailystar.com.
However, the article notes that according to a bank official, "the public may continue to use the old banknotes until December 31, 2015 in paying and buying of goods and services and other business or financial transactions requiring the use of cash."
Bank officials say that beginning Jan. 1, 2016, the old bank notes will not be accepted in daily transactions.
Up to Dec. 31, 2016, the notes can be exchanged for the acceptable versions at "authorized financial institutions such as universal and commercial banks, thrift banks, rural banks, and cooperative banks or with the BSP at full face value and without charge," according to the article.
By Jan. 1, 2017, all notes older than 2010 will be considered demonetized.
Affected by the demonetization are old notes denominated 5-, 10-, 20-, 50-, 100-, 200-, 500-, and 1,000-pesos.