Banks in Palawan reminded the public that ‘old money’ dating back in 1985 will be phased out at the end of the year.
Butch Carlos, president of the Puerto Princesa City Palawan Bankers Association said the phase out of the old currency notes is based on the order of the Bangko Sentral ng Pilipinas.
The BSP demonetization process started January 1 this year and aimed to preserve the integrity of Philippine currency.
This move is in line with the provisions of Section 57 of Republic Act 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old, the central bank said.
The New Design Series banknotes have been in circulation for almost three decades.
The central bank said the public may continue to use the NDS banknotes up to December 31, 2015 in paying and buying of goods and services and other business or financial transactions requiring the use of cash.
“Thereafter, the NDS banknotes will no longer be accepted for payment transactions,” it said.
From January 1 to December 31, 2016, the public may exchange with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, their NDS banknotes with the New Generation Currency (NGC) Series at full face value, without charge, the BSP said.
The public may also opt to exchange NDS banknotes with the BSP or any of its regional offices/branches around the Philippines.
Government institutions holding in trust NDS series, 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.
For Overseas Filipinos (OFs), who have in their possession NDS banknotes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP Website.
These NDS banknotes may be exchanged with the BSP within one year from date of registration; and starting January 1, 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.
The demonetization of the NDS will result in the circulation of a single currency series in the country – the NGC Series.
The new currency notes, Carlos said bears the signature of Pres. Benigno Aquino III and its serial numbers start from the smallest to the highest.
He added that the new the NGC banknotes, which were issued on December 16, 2010 use new and enhanced security features to protect the safety of the public against counterfeiters.