If you prefer the old peso bills than the new ones that began circulating in 2010, be warned. You can use the old banknotes, or the New Design Series (NDS), only until December 31, 2015. According to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo, you can no longer use them for transactions beginning January 1, 2016.
The NDS was launched in 1985 and has been used for 30 years.
However, he stated that you can still exchange them for the New Generation Currency (NGC) banknotes in authorized agent banks and the BSP Cash Department until December 31, 2016. Beginning January 1, 2017, the NDS banknotes will be demonetized, or without monetary value.
This move is in line with Section 57 of Republic Act No. 7653 or the New Central Bank Act, which states that the BSP will replace banknotes that are more than five years old.
According to the BSP, the NGC banksnotes is user-friendly and allows for easier identification due to the colors used. It also has security features to protect the bills from being counterfeited.
The BSP also has five reminders to the public regarding the switch from NDS to NGC:
1. The public may continue to use the old banknotes until December 31, 2015, in paying and buying of goods and services and other business or financial transactions requiring the use of cash. After that date, the old banknotes will no longer be accepted for payment transactions.
2. From January 1, 2015 to December 31, 2016, the public, without charge, may exchange with authorized financial institutions (universal and commercial banks, thrift banks, and rural as well as cooperative banks), their old banknotes with the New Generation Currency (NGC) Series at full face value. The public may also opt to exchange their old banknotes with the BSP or any of its regional offices or branches around the Philippines.
3. Government institutions holding old banknotes which could not be exchanged during the prescribed period, such as banknotes used as evidence in a litigation case, will have to request the BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement.
4. For overseas Filipinos who still have old banknotes but could not exchange within the prescribed period, may register online starting October 1, 2016 to December 31, 2016 through the BSP website. These old banknotes may be exchanged with the BSP within one year from date of registration.
5. Starting January 1, 2017, the old banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.
Which set of bills do you prefer? Share your thoughts below!