Bangko Sentral ng Pilipinas (BSP) reminds Filipinos that the older versions of banknotes will no longer have any monetary value beginning January 1, 2017.

Th old version of banknotes that was released in 1985 can still be used today until December 31, 2015. You can still use them for any transactions, however, BSP are encouraging the public to have the banknotes changed into new ones in any authorized agent banks and in BSP Cash Department starting January 1, 2016 until December 31, 2016.

BSP Reminds Filipino that the Demonetization Schedule for Old Peso Bill is in 2017
In a released statement, BSP reminded the public that the old banknotes can be used for paying bills, buying goods, and other transactions the uses cash only until December 31, 2015. By 2016, these old banknotes will not be accepted in any financial transactions.

BSP is expecting that the country will only have one series or banknotes, the New Generation Banknotes, by 2017. These new banknotes had been circulating since 2010. They have better security features to counter the cases of faked money.

If you are working abroad and will be unable to exchange the old banknotes you currently have until the given deadline, you can register in the BSP website from October 1, 2016 to December 31, 2016. When you register, you will be given another year to have them exchanged.

Section 57 of Republic Act No. 7653 authorizes the Banko Sentral ng Pilipinas to replace more than five year old banknotes. The old banknotes had been circulating in the country for almost 30 years.

The new series still bears the photos of Filipino heroes and former presidents. The back part presents presents various tourist destinations and unique Philippine animals.

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