BSP sets deadline for old bills

 THE BANGKO Sentral ng Pilipinas (BSP) urged the public to exchange their old paper bills on or before December 29.

 Dorothy Joy A. Diaz, bank officer of BSP Davao, said the central bank would no longer replace old bills after the deadline. She said the deadline has been already extended for six months. The original deadline was June 30, 2017.

 The regional office of the central bank, she said, received over 50 queries a day on the replacement of old paper bills.

 Old bank notes can be exchanged at BSP. The central bank also issued a memorandum on Nov. 10 giving banks discretion on whether to accept the old bills and turn it over before the deadline.

 BSP will exchange a maximum of P100,000 per transaction. Larger amounts are allowed but payable through check or direct credit to a bank account.

 The old banknotes will be demonetized after the deadline.

 A briefer from the BSP said: “Currencies in the world are demonetized because this is one way of safeguarding the integrity of the currency to protect it from counterfeiters. As a matter of practice, central banks around the world change the design of their currencies that have been in circulation for over 10 years.”

 “In the case of the Philippines, the old banknote series, introduced in 1985 or 30 years ago, is being replaced by the new generation currency series which was launched in 2010,” the briefer added.

 Meanwhile, the BSP has also released new five-peso coins. The new five-peso coin, which is 25-millimeters in diameter and 7.4 grams in weight, features Andres Bonifacio and Tayabak, a Philippine endemic plant.

 The other coins will be released next month.

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