DAVAO CITY- The Bangko Sentral ng Pilipinas has urged the public not to accept old bills in their transactions.
Guesting at Biz Talk media forum held at Big 8 Hotel in Tagum City yesterday (Jan, 12), Dorothy Joy Diaz of the Economic and Financial Learning Center BSP regional office said that these old bills are demonetized effective after December 31, 2015.
The New Design Series of banknotes which were issued from 1985 to 1993 have already been superseded by the New Generation Currency (NGC) issued in 2010.
Diaz said that the public if in possession of these notes would have to surrender them to the banks and exchange them for the newer notes.
Jerome Villadolid, cash operations department of BSP-XI said that for smaller amount of notes they can be exchanged at the banks. While those for bigger value cash exchanges they can surrender the old notes at the BSP office in Davao City. Daily banking transactions at the BSP is until 2 p.m.
NGC features more security features to prevent counterfeiting and are more durable than the NDS.
Diaz said that the BSP hopes to get the estimated P61-billion NDS cash still in circulation, though she says not all of this amount are active as some are destroyed by calamities or kept in alkansyas or piggy banks.
She urged the public to exchange these bills as they will be of completely no value by January 1, 2017. (PIA/RG Alama)