Bangko Sentral: Old Philippine Peso bills must be accepted until December 31

bangko sentral demonetization schedule 2016
Old generation Philippine peso bills will no longer be in general use after December 31 2015

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.

    bangko sentral demonetization schedule 2016
    Old generation Philippine peso bills will no longer be in general use after December 31 2015

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About Mark Madrona 1191 Articles
Mark Madrona is a prize-winning blogger, online journalist, and educator from the Philippines. Previously a book editor, he is now teaching communication subjects for two public universities in Manila. His blog The Filipino Scribe won 3rd place in a blog competition organized by the Affiliated Network for Social Accountability in East Asia and the Pacific (ANSA-EAP). In 2015, it was one of the finalists in the 2015 Lasallian Scholarum Awards for Best Online Feature Article in Youth and Education. He also won the Best Blog Award during the 2011 Population and Development Media Awards, the youngest recipient of that recognition. Know more about him here: http://www.filipinoscribe.com/about/.

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