Sunday, March 8, 2015

BSP starts demonetizing old banknotes

DAGUPAN CITY – The Bangko Sentral ng Pilipinas (BSP) has started demonetizing the old banknotes or the New Design Series (NDS) last January 1 through December 31 this year.

The move to demonetize old banknotes is in line with the practices of central banks across the world and to protect the integrity of the Philippine currency.

BSP-Dagupan Deputy Director Luzviminda Soriano said the old bills can still be used for paying and buying goods and services in 2015 but will no longer be used as legal tender starting January 1, 2016.

The public can have the old banknotes exchanged with the new bills called the New Generation Currency (NGC) Series from January 1 this year until December 31, 2016 in universal, commercial, rural, thrift and cooperative banks, Soriano said.

“The public may also opt to exchange NDS banknotes with the BSP or any of its regional offices or branches around the Philippines,” she said during the KBP Forum held at the PIA-Pangasinan office on Thursday.

Starting January 1, 2017, old bills that have not been exchanged will no longer have any monetary value and will be considered demonetized, she added.

Soriano said the NGC banknotes, which were issued on December 2010, use new and enhanced security features to protect the safety of the public against counterfeiters. 

Meanwhile, Research Specialist Maria Lourdes Manaois said that BSP-Dagupan will mount a cycling event in April this year as part of its coin circulation drive.

“The event will be held at the De Venecia Highway Extension in Dagupan City and will have a registration fee of P250,” said Manaois. 

The campaign aims to encourage everyone to use their coins and bring them back to circulation in order to help the government generate savings in coin production cost and get the exact amount of change for every transaction, she said. (PIA-1, Pangasinan)

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