Less than 3 percent of banknotes currently in circulation comprise New Design Series (NDS) bills that can no longer be exchanged for the new series after December 31, 2016, the central bank said on Wednesday.
In value terms, this means some P26.1 billion worth of the three-decade old series must be exchanged for the New Generation Currency (NGC) notes launched in 2010.
Of the total banknotes in circulation, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said, 2.9 percent are NDS bills.
In volume terms, 305.4 million pieces of NDS bills must be exchanged.
At the start of 2015, the BSP noted 711.7 million pieces of NDS notes, valued at P184.3 billion, were in circulation.
Since January 1, 2016, all NDS banknotes were no longer acceptable as legal tender but could still be exchanged at face value, free of charge, in authorized agent banks and at the BSP-Cash Department or any of the central bank office.
“NDS banknotes shall cease to be a liability of the BSP and shall be considered demonetized on 1 January 2017,” the BSP said.