Bangko Sentral: Old Philippine Peso bills must be accepted until December 31
Reacting to complains that some establishments across the country are no longer accepting old edition Peso bills particularly during this holiday season, the Bangko Sentral ng Pilipinas (BSP) have reminded business owners that they are required to do so until December 31.
“We are appealing to businessmen’s sense of fairness and public service,” BSP deputy governor Diwa Guinigundo said in a press conference. He noted that 14.6% of old Philippine bank notes are still in circulation. The Central Bank has long stated that old generation Philippine peso bills can no longer be used in paying for goods and services after December 31, 2015.
From January 1 to December 31 2016, bills from the old banknote series can no longer be used for daily transactions. These can only be exchanged in all authorized banks and BSP offices nationwide. According to the Central Bank’s website, all banks regardless of type (e.g. universal banks, thrift banks, rural banks, etc.) as long as it’s under the supervision of BSP are considered as authorized banks. The BSP stressed that banks should entertain even those who are not their depositors for this purpose.
Starting January 1, 2017, such bills will be totally demonetized – meaning, it will have no more monetary value. In other words, by 2017, only bills from the new banknote series (first circulated in late 2010) will remain as legal tender in the country.
What are the differences between the old and new series of Philippine peso bills?
OLD (first circulated 1985)
- Features the old BSP logo
- 8 denominations (5-, 10-, 20-, 50-, 100-, 200-, 500- and 1000-piso)
- Security thread is thinner
- Serial number is composed of 1 or 2 prefix letters and 6 to 7 digits which are uniform in size
- The reverse side of the old notes features significant events in Philippine history, iconic buildings and heritage sites
NEW (first circulated 2010)
- Features the new BSP logo
- 6 denominations (20-, 50-, 100-, 200-, 500- and 1000-piso)
- Security thread is wider
- Serial number is composed of 1 or 2 prefix letters and 6 to 7 digits which are increasing in size
- The reverse side of the new notes features iconic natural wonders and species that can be found in the country.