MANILA – Old peso bills will soon be phased out but the Bangko Sentral ng Pilipinas (BSP) is reminding the public that there is still time to have them replaced before they lose value.
The old banknote series, which has been in circulation since 1985, can still be used until December 31, 2015. [PLS LINK TO "old banknote series": https://www.abs-cbnnews.com/business/05/21/15/look-peso-bills-na-wala-nang-halaga-sa-2017]
But by January 1, 2016, it can no longer be used to purchase goods and services.
By then, old banknotes in circulation should be turned over and replaced by authorized agent banks of the BSP.
Maja Gratia Malic, Cash Department Deputy Director at BSP, said these include thrift banks, rural banks, commercial banks, and universal banks.
Malic said those with old banknotes have until December 31, 2016 to have the bills replaced because by January 1, 2017, the old bills will no longer have value.
To replace the old banknotes, go to any bank even if you are not a depositor and exchange the old banknotes with new ones.
For overseas Filipino workers (OFW) carrying old peso bills, Malic said the BSP will implement a special facility for the replacement.
Starting October 1, 2016, OFWs will have to register online, indicate the total amount they wish to replace, and input the specific denominations to be replaced.
They can then have the old bills replaced for a period of one year starting the date of their registration. Registration ends on December 31, 2016.
“Without this registration form, they cannot have these banknotes replaced beyond 2016,” Malic told ANC's "On The Money."
Bills of the new generation currency series have bolder colors and enhanced security features. Images of the heroes on the bill's front side are also "younger-looking."
“This is the approximate age when they started doing their public service…to be an inspiration for the youth, they can be in public service this young," Malic said.
She added that the new banknotes have security features that are at par or even better than other countries, such as bigger and more obvious window security thread that cannot be photocopied; watermark portraits; and denomination markings only seen against the light.