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- Dec 30, 2015: Deadline for using old notes in daily transactions
- Jan 1-Dec 31, 2016: Old banknotes can still be exchanged in authorized agent banks and the BSP Cash Department
- Jan 1, 2017: Old banknotes will be fully demonitized or without monetary value
It’s time to spend your old money.
The Official Gazette of the Republic of the Philippines reminded the public yesterday on its official Facebook page that the old banknote series launched in 1985 can only be used for daily transactions until December 31, 2015.
However, old money can still be exchanged at the Bangko Sentral ng Pilipinas Cash Department, any BSP regional branch and authorized agent banks during the whole year of 2016.
Old banknotes, which have been circulating for almost 30 years, will be completely demonetized by January 1, 2017.
According to www.gov.ph, “The demonetization process of the old banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than 5 years old.”
Filipinos abroad who could not exchange their old money in 2016 can register at the website of BSP. The registration period is from Oct 1, 2016 to Dec 31, 2016. They can swap money within one year from the date of their registration.
For more information, visit http://www.gov.ph/2015/05/29/old-banknotes-good-up-to-december-31-2015/
Photo via Gov.ph
