Public told to replace old currency notes

THE BANGKO Sentral ng Pilipinas (BSP) has urged the public to start replacing old banknotes with new generation currency banknotes as these will no longer have monetary value by 2017.

BSP deputy governor Diwa C. Guinigundo said yesterday in the forum on the demonetization of old banknotes at its regional office here in Quirino that throughout the country, there are still about P560 million worth of old banknotes.

“These will have no monetary value beginning 2017,” Guinigundo said.

But as early as next year, he said these old series should be prevented from being circulated for daily transactions unless “exchanged in authorized agent banks and BSP Cash Department or any of its regional offices or branches.”

The old banknotes, he said, will be shredded by the BSP.

A briefer from the central bank cited that “currencies in the world are demonetized because this is one way of safeguarding the integrity of the currency to protect it against 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.

The BSP is also planning to mint new series of coins.

“There will new coins either by 2017 or 2018,” Guinigundo said.

Posted in Latest News