Less than 8 percent of banknotes in circulation comprise New Design Series (NDS) bills that can no longer be used for purchases starting next year, the Bangko Sentral ng Pilipinas reported on Monday.
About P61 billion of the three-decade-old series still have to be exchanged for New Generation Currency (NGC) banknotes that were launched in 2010, central bank officials said, with less than two weeks left to 2015.
Central bank deputy governor Diwa Guinigundo said a total of P815 billion in banknotes were currently in circulation, 7.53 percent of which are NDS bills. In volume terms, 415 million pieces of NDS bills need to be exchanged, equivalent to 14.6 percent of the 2.8 billion pieces in circulation.
At the end of last year, NDS notes accounted for 20.41 percent or P184 billion. By volume, the share was 20.98 percent or 711 million pieces out of the total 3.392 trillion in circulation.
The central is currently undertaking the demonetization of banknotes that are more than five years old. NDS notes can still be used for daily transactions up to the end of the year.
Next year, these notes can still be exchanged at authorized financial institutions for the NGC series but will become worthless beginning 2017.
Government institutions holding old banknotes that cannot be exchanged during the prescribed period, such as money being used as evidence in a lawsuit, will have to request the BSP Cash Department in writing, also within the period of exchange, for a special exchange arrangement.
Overseas Filipinos with old banknotes that also cannot be exchanged within the prescribed period can sign up via the central bank website, from October 1, 2016 to December 31, 2016, to arrange for an exchange within one year from registration.
Commemorative coin launched
Also on Monday, the central bank launched a limited edition P10 commemorative coin marking the 150th birth anniversary of Philippine hero Miguel Malvar.
Malvar was the last Filipino general to surrender during the Philippine-American War, having taken command of revolutionary forces after the capture of Emilio Aguinaldo and the surrender of other Filipino military leaders.
“As a matter of policy, the BSP commemorates significant events and heroic Filipinos in our country’s history through the minting of coins, medals or overprints on our banknotes,” Guinigundo told reporters.
The obverse side of the commemorative coin shows the portrait of Malvar and the markings “10-Piso”, “REPUBLIKA NG PILIPINAS” and “Heneral Miguel Malvar.”
The reverse side has the new seal of the central bank and the markings “150 taon,” “1865-2015” and the “Monument of Malvar.”
The central bank said it would issue 10 million pieces of the commemorative coin, which will be available starting today at central bank offices and branches.
The most recent commemorative coins issued were for the 150th year of Jose Rizal in 2011, the 150th year of Andres Bonifacio in 2013, 150th year of Apolinario Mabini, 70th Anniversary of the Leyte Gulf Landing and Bagong Bayani commemorative coins in honor of overseas Filipinos in 2014, and the state/pastoral visit of Pope Francis in 2015.