Since the start of 2015, the Bangko Sentral ng Pilipinas has started to withdraw old bank notes from circulation. The old bank notes’ design has been used since 1985.
BSP Deputy Governor Diwa C. Guinigundo said the demonetization process for the old peso bills will run from January 1 to December 31, 2015.
This means that the old peso bills may still be used to buy goods and services in 2015. But starting January 1st, 2016, these bills will no longer be accepted for payment.
However, the public can still exchange their old bills for the new generation currency bank notes at banks and BSP offices and branches around the country until end-2016.
Filipinos who live abroad will still have a chance to exchange their old notes. “For overseas Filipinos abroad, who have in their possession (old) banknotes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015, to December 31, 2015, through the BSP website,” Guinigundo said. They will be given a year from their date of registration to exchange the old banknotes at BSP offices and branches. If you fail to exchange your old bank notes, Guinigundo warned that starting January 1, 2017, these will “no longer have any monetary value, and are considered demonetised.” -Condensed from ABS-CBNnews.com
The old banknotes (New Design Series), shown below in the left column, will be demonitised:
