The Bangko Sentral ng Pilipinas-Dumaguete Branch has reiterated its call on the public that the old peso bills can only be used for buying and payments until Dec. 31 this year.
With this, Dr. Gregorio Baccay III of BSP urged the public to exchange their old money called New Design Series with the New Generation Currency.
Baccay said the old banknotes or NDS will no longer be accepted for monetary transactions starting Jan. 1, 2016.
“But these old banknotes can still be swapped in commercial banks or here in BSP, with the NGC Series at full face, without charge,” said Baccay.
Thus, from Jan. 1, 2016 until Dec. 31, 2016, NDS banknotes can no longer be used in day-to-day transactions to pay for goods and services.
Starting Jan. 1, 2017 the NDS will be fully demonetized or without monetary value.
The NGC have more and enhanced security features to protect the safety of the public against counterfeiters.
The demonetization process of the old banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than 5 years old.
The old banknotes have been in circulation for almost three decades. (MBCN/JCT/PIA7-Neg.Or)
