MANILA - The Bangko Sentral ng Pilipinas (BSP) on Thursday released new peso bills signed by President Rodrigo Duterte.
This initial batch of new generation currency bills will be released to the general public and will be issued to banks by the BSP.
Aside from the new president's signature, no other changes in bills were reported.
The central bank also reminded the public to exchange old banknotes before January 1, 2017 at all authorized agent banks and all BSP offices and branches, as part of the demonetization process.
Starting January 1, 2017, the old banknote series will no longer have value and cannot be exchanged for the new generation series.
Under Republic Act No. 7653 or the new Central Bank Act of 1993, the central bank is authorized to replace notes of any series or denomination that are more than five years old and coins that are more than 10 years old. - With a report from Edwin Sevidal, ABS-CBN News