BSP urged public to exchange old bills
TAGUM CITY, Davao del Norte, January 13 (PIA) - - Old Peso bills can no longer be used for purchase of any product or services starting on January 1, 2016.
Jerome Villadolid of the Bangko Sentral ng Pilipinas – Davao announced yesterday during the Biz Talk at Big8 that the old banknotes series launched last 1985 can only be accepted for exchange in any bank or at their office from January 1 up to December 2016.
Villadolid encouraged the public to exchange their old Peso bill to any nearest bank before it will be demonetized and lose its monetary value starting January 1, 2017.
He said that anyone can exchange old Peso bills at face value to any bank even if the person is not a depositor of the bank.
He said that this is a part of the demonetization of the old bank notes or the process of removing the monetary value of a legal tender currency by the BSP.
Dorothy Joy Diaz, also from BSP – Davao, stressed that the demonetization is an international activity of the issuing authorities of legal tender currency, which is the BSP for the Philippines.
Diaz pointed out that the reasons for the demonetization were to protect the integrity of the currency preventing it from counterfeiting, observe the international best practice of having a new design series every 10 years, and simplify the currency. (PIA11, Michael Uy)