Last Call for old Philippine Pesos

Final Connect with for outdated Philippine Pesos

Only 2 weeks remaining for your old Philippine Pesos banknotes. From January 1 to December 31, 2016 you only can alter these aged banknotes in authorized agent banking companies and the BSP Money Section. From January 1, 2017 you can use them to gentle your cigars! Transform your previous banknotes prior to close of this 12 months!

Bangko Sentral ng Pilipinas Deputy Governor reminded the community that the previous banknote series launched in 1985 can nonetheless be applied for every day transactions up to December 31, 2015.

From January 1, 2016 up to December 31, 2016, the outdated banknotes can still be exchanged in licensed agent financial institutions and the BSP Dollars Section. On the other hand, starting up January 1, 2017, the outdated Philippine Pesos banknote sequence will be totally demonetized or without the need of financial value.

This suggests that the New Generation Banknotes introduced in December 2010 will outcome in the circulation of a solitary forex series in the place. The New Technology Banknotes have far more and enhanced stability functions to secure the safety of the public versus counterfeiters.

The demonetization procedure of the old Philippine Pesos banknotes is in line with the provisions of Part 57 of Republic Act No. 7653, if not regarded as the New Central Financial institution Act, which authorizes the BSP to switch banknotes that are more than 5 yrs previous. The aged banknotes have been in circulation for pretty much a few decades.

Old Philippine Pesos Banknotes

Much more revenue details is here…

The community is advised of the subsequent significant data:

1. The public may perhaps proceed to use the aged banknotes up to 31 December 2015 in paying out and shopping for of merchandise and solutions and other company or fiscal transactions requiring the use of cash. Thereafter, these previous banknotes will no longer be accepted for payment transactions

2. From 1 January 2015 to 31 December 2016, the general public may trade with licensed economic institutions, particularly universal and professional banks, thrift financial institutions, and rural as very well as cooperative banks, their old Philippine Pesos banknotes with the New Generation Forex (NGC) Collection at whole experience benefit, without having charge. The community might also opt to trade their outdated banknotes with the BSP or any of its regional workplaces/branches all around the Philippines.

3. Government institutions keeping old Philippine Pesos banknotes which could not be exchanged in the course of the prescribed period of time, this sort of as banknotes utilized as evidence in a litigation circumstance, will have to ask for the BSP Cash Division in composing, within the interval of trade, for a specific trade arrangement

4. For Overseas Filipinos (OFs) abroad, who have in their possession old banknotes which could not be exchanged within just the prescribed period, they could sign up on the web commencing 1 Oct 2016 to 31 December 2016 by the BSP Web-site. These aged banknotes could be exchanged with the BSP within a person (1) year from day of registration and

5. Starting 1 January 2017, NDS banknotes that have not been exchanged shall no longer have any financial price, and are deemed demonetized.

Last Exchange Schedule for Philippine Pesos Last Exchange Schedule for Philippine Pesos

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