BSP Extends Old Banknotes Demonetization Deadline

If there are second chances in this world, then this notice sure is one. The Bangko Sentral ng Pilipinas (BSP) has announced recently (during the last week of December 2016) that they are extending the demonetization deadline of the Philippines’ Old Banknote Series for three months. This was to give the people another opportunity to exchange their old peso bills in the banks for new banknotes before it ultimately lose its monetary value. Thus, your old peso bills may still be exchanged until March 31.

  

Extended Demonetization Schedule of Old Banknote Series

It can be recalled that in early 2015, it was announced by BSP that the Old Banknote Series can only be used for exchanging commodities until the end of 2015. By 2016, these old banknotes can only by exchanged in banks and BSP offices. And starting January 1^st of 2017, the newer banknote series should only have monetary value.

For more details, visit:

http://newsinfo.inquirer.net/857460/bsp-gives-3-more-months-to-exchange-old-banknotes

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Reminder: Old Peso Bills Demonetized By 2017

The end for year 2016 is fast approaching and with less than 15 days to go, 2017 will be a fresh new year to start with. And speaking of fresh start, I am reminding everyone that next year, our old Peso Bills which were launched more than 25 years ago will have no more value by 2017. Yes, this information is not new you might say, however, being familiar with humanity’s weaknesses, we easily tend to forget. 😉

By 2017, the Old Banknote Series have no more monetary value.

Last 2015, it was announced by the Central Bank of the Philippines that starting January 2016, the old series of banknotes launched in 1985 will no longer be used for day-to-day transactions. By 2016, these old bills can only be exchanged in commercial banks for new generation of banknotes which was launched last 2010.

With that said, better check your alkansyas or piggy banks for you might have kept some old peso bills. You might want to exchange them before the New Year arrives. Else, it won’t have any monetary value by January 1.