Philippine Peso bills bearing the old currency design will no longer usable starting 2017.
In a statement, Bangko Sentral ng Pilipinas (BSP) officials said it would start demonitizing next year the New Design Series (NDS), which has been in circulation for nearly three decades, ABS-CBN reported.
“This move 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,” the BSP said.
“The public may continue to use the NDS banknotes up to 31 December 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,” the central bank said.
Filipinos who live abroad will still have a chance to exchange their old notes.
“For overseas Filipinos abroad, who have in their possession (old) bank notes 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,” Guinigundo said.
They will be given a year from their date of registration to exchange the old bank notes at BSP offices and branches.
The BSP said the public can still exchange their old bank notes in any lender or with the BSP at full face value without any charge until December 31, 2016.