Aged banknotes fantastic up to December 31, 2015. It is time to examine your wallets and your secret hiding locations. The outdated Philippine banknotes will unfastened their worth in 18 months.
Bangko Sentral ng Pilipinas Deputy Governor reminded the community that the old banknote series released in 1985 can continue to be employed for every day transactions up to December 31, 2015.
From January 1, 2016 up to December 31, 2016, the outdated banknotes can nonetheless be exchanged in licensed agent financial institutions and the BSP Money Section. Nevertheless, setting up January 1, 2017, the outdated banknote sequence will be thoroughly demonetized or devoid of monetary worth.
This means that the New Generation Banknotes launched in December 2010 will final result in the circulation of a one currency sequence in the region. The New Technology Banknotes have a lot more and improved stability functions to safeguard the security of the public against counterfeiters.
The demonetization method of the aged banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, if not recognized as the New Central Financial institution Act, which authorizes the BSP to change banknotes that are additional than 5 a long time old. The old banknotes have been in circulation for nearly three many years.
Far more cash facts is here…
The community is recommended of the pursuing significant info:
1. The general public may possibly continue on to use the previous banknotes up to 31 December 2015 in paying out and shopping for of products and solutions and other organization or money transactions requiring the use of money. Thereafter, these old banknotes will no extended be approved for payment transactions
2. From 1 January 2015 to 31 December 2016, the community could exchange with approved economic institutions, specifically universal and commercial banks, thrift banking institutions, and rural as effectively as cooperative banks, their previous banknotes with the New Generation Forex (NGC) Series at complete face benefit, devoid of demand. The public may well also choose to trade their previous banknotes with the BSP or any of its regional places of work/branches about the Philippines.
3. Authorities institutions holding outdated banknotes which could not be exchanged for the duration of the approved interval, these as banknotes used as evidence in a litigation case, will have to request the BSP Money Office in creating, inside the interval of trade, for a particular exchange arrangement
4. For Overseas Filipinos (OFs) abroad, who have in their possession outdated banknotes which could not be exchanged in just the prescribed time period, they may well sign-up on the web beginning 1 Oct 2016 to 31 December 2016 as a result of the BSP Website. These old banknotes might be exchanged with the BSP within just a person (1) 12 months from date of registration and
5. Starting off 1 January 2017, NDS banknotes that have not been exchanged shall no for a longer period have any financial value, and are viewed as demonetized.