• Old peso bills valid only until end-2015 – BSP

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    MONEY, MONEY, MONEY Bangko Sentral Deputy Governor Diwa Gunigundo  explains which set of bills would remain valid and which ones would be relegated to ‘Mickey Mouse’ status by 2017. PHOTO BY RUY MARTINEZ

    MONEY, MONEY, MONEY Bangko Sentral Deputy Governor Diwa Gunigundo explains which set of bills would remain valid and which ones would be relegated to ‘Mickey Mouse’ status by 2017. PHOTO BY RUY MARTINEZ

    BANK notes issued in 1985 may still be used for daily transactions up to the end of 2015 but they will be fully demonetized starting 2017, the central bank said.
    In a press briefing on Thursday, the Bangko Sentral ng Pilipinas (BSP) said the public may continue to use the 1985 New Design Series (NDS) up to December 31, 2015 but thereafter, these old banknotes will no longer be accepted for payment transactions.

    From January 1, 2015 to December 31, 2016, the BSP said the public may exchange with authorized financial institutions such as universal and commercial banks, thrift banks, and rural as well as cooperative banks, their old banknotes with the New Generation Currency (NGC) Series at full face value, without charge.

    The public may also opt to exchange their old banknotes with the BSP or any of its regional offices or branches around the Philippines.

    Government institutions holding old banknotes which could not be exchanged during the prescribed period, such as banknotes used as evidence in a litigation case, will have to request the BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement, it added.

    For overseas Filipinos (OFs) who have in their possession old banknotes which could not be exchanged within the prescribed period, they may register online starting October 1, 2016 to December 31, 2016 through the BSP website.

    These old banknotes may be exchanged with the BSP within one year from the date of registration.

    The central bank said that starting January 1, 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value and will be considered demonetized.

    “This will result in the circulation of a single currency series in the country–the New Generation Banknotes introduced in December 2010, which have more and enhanced security features to protect the safety of the public against counterfeiters,” said BSP Deputy Governor Diwa Guinigundo.

    As of April 2015, Guinigundo noted that there are about 2.8 billion pieces of banknotes consisting of the NGC and NDS series circulating in the system.

    “About 20 percent of the total number of banknotes circulating in the Philippines consists of NDS. So this is an easier task for the BSP in partnership with the general public to retire the NDS,” he said.

    The central bank said the demonetization process of the old banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, or the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old. The old banknotes have been in circulation for almost three decades.

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    6 Comments

    1. Please lang po huwag nyo ilalagay ang mukha ni Noynoy dyan sa mga bills, disgusting!

    2. Firestarter on

      Kailanga na talagang ayusin ng Banko Sentral ng Pilipinas ang ating perang papel lalo yung mukha ni Ninoy Aquino mas maganda tanggalin sa 500 pesos o palitan ng ibang picture dahil ito ang malas sa ating bansa. Kung pwede at dapat ayusin lamang talaga….

    3. Firestarter on

      Pakiusap din sa Banko Sentral ng Pilipinas kung babaguhin ninyo ang pera luboslubusin na pati yung mukha ni Ninoy Aquino tanggalin sa 500 pesos dahil ito ang malas sa ating bansa. Kaya naman baguhin ang mukha ni Ninoy dahil nakapalumbaba at ito ay malas sa buhay ng Filipino. Kung pwede at dapat ayusin lamang talaga….

    4. Dun po sa dalawang mga nauna kong post, ay related o may kinalalaman po ito sa topic na demonetization ng ating lumang pera, kasi po… pagdating na yan ng taong 2016, 2017, ang bagong pera na lamang po ang ilalabas, na makakaasa ng ayusin po muna ng BSP ang mga may problema sa ating pera… lalo na din ang mga may nakakalitong bahagi ng atin g bagong pera… tulad na pahayag ni Sen. Koko Pimentel na isa sa mga kumbaga “problem solvers” para sa mga nakakalitong pera…

      Yun lamang po at huwag po sanang aalisin ang mga nauna ko pong post…

      Marami pong salamat.

    5. Pakiusap lamang po sa BSP na paki-ayos na ang may problema sa ating bagong perang papel… lalo na yung 100-peso bill…

      at sa publiko, I-check ninyo ang likod ng bagong 100 pesos, at ikumpara ang maliit at malaking number na “100” dun sa may dalawang kulay…

      dun sa malaking “100” dun sa kanang bahagi – dalawang TAMANG kulay – ito ang 2 magkaibang kulay ube (light at dark na violet)

      at sa mallit na “100” dun sa bandang itaas na kaliwang bahagi – isa sa 2 kulay ay may MALING kulay – ito po ang kulay “midnight blue” o nag-iitim na asul, kasama nung mas light na violet na dapat sana ay mas dark na kulay violet (tamang kulay para sa mallit na number 100 at pati din sa outline ng mapa ng Luzon at pangalang Mayon Volcano)

      baka kasi po pagkamalan na 1000-piso kaya po kailangan pong baguhin kasi po maari pong mailto…

      at kailangang palitan ang kulay midnight-blue sa maliit na number “100” ng kulay dark na violet para maging parehong-pareho na nasang kanang bahagi…

      at para mapatunayan din po sa inyo… I-check din ang likod ng 200, 500, at 1000 pesos

      yun lamang po at makakaasa ako na pakikinggan ako ng publiko… Maraming salamat po.

    6. Ito po, habang pawalang-halaga na ang mga lumang pera natin, dapat naman sa Bangko Sentral ng Pilipinas, pakiusap lamang po at namin ay ayus-ayusin at bagu-baguhin muna ang may diperensya o may nakalilitong bahagi ng ating bagong perang papel, lalo na doon sa may mga MALI sa ating bagong pera na hinding-hindi pa rin maresolba hanggang sa ngayon, lalo na noong pang December 16, 2010 pa, na ang BSP na ang inirereklamo na publiko, lalo na po iginagalang nating si Senador Aquilino “Koko” Pimentel III, na siya po mismong lumalapit at nakikiusap na sa BSP na ayusin at baguhin muna ang may mali, iregularidad… Sayang naman po sa BSP, ang ating pang bagong perang papel na tinanghal pa naman na pinakamagandang bagong disenyo… kayo kung sino po ang mga nagdidesenyo para sa ating pong bagong pera kasama na po ang BSP… masasabi ko lang, mawalang-galang din po at makakaasa na walang matatamaan at magagalit sa inyo… sobrang NAKAKAHIYA po kayo!!!