The president of the Negros Oriental Bankers’ Club, Elmer Teves, on Tuesday issued a reminder to the public on the demonetization schedule of the old banknote series of the Philippine currency.
The reminder comes as the December 1, 2015 deadline for these old Philippine peso bills to no longer be used for payment of goods and services draws near.
While these can no longer be used in daily transactions, the old banknote series launched in 1985 can still be exchanged in banks or at the Bangko Sentral offices for the new banknotes effective January 1, 016, Teves explained.
The old banknote series launched in 1985 include the colored green P5 bill, the brown colored P10 bill, and the old bills of P20, P50, P100, P200, P500 and P1,000.
They are replaced by the new series of Philippine peso bills of P20, P50, P100, P200, P500 and P1,000 notes launched in 2010.
Only this banknote series can be used in daily transactions starting January 1, 2016.
Teves assured that all banks are mandated to exchange the old notes with new ones regardless of the number of bills that a person will bring to the banks.
Posters and other forms of information dissemination, such as through social media and establishments, on the old and new series of banknotes have been circulated by the Bangko Sentral ng Pilipinas.
The old series of banknotes will officially be demonetized on January 1, 2017, at which these bills will no longer have monetary value, Teves added. (PNA)
