By January 1 next year, the central bank will start the process to demonetize or replace old banknotes or the New Design Series (NDS) that have been in circulation for almost three decades.
In a news briefing on Monday, Bangko Sentral ng Pilipinas (BSP) said the old banknotes consists 5-, 10-, 20-, 50-, 100-, 200-, 500-, and 1,000-peso denominations. The central bank first issued these banknotes on June 12, 1985.
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