BSP: Old Philippine Peso bills will have no more value after December 31
The Bangko Sentral ng Pilipinas or BSP has reminded the public that all Philippine peso bills from the old banknote series will lose their monetary value after December 31, 2016. The said Peso bills were first circulated in 1985. Meanwhile, the new generation currency were introduced in 2010.
The Central Bank has advised Filipinos who still have in their possession the said bills to go to their respective banks or to nearby BSP offices to have those replaced with bills from the new batch.
The demonetization schedule of the old Peso bills began last year when BSP mandated that those can no longer be used in daily transactions like paying for goods and services beyond December 31, 2015.
For this year, the BSP instructed all its offices as well as authorized banks nationwide to entertain customers who are seeking to have their old Peso bills exchanged with bills from the new generation currency. That can be done until the last banking day of the year, which is December 29.
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.