MAASIN CITY, Southern Leyte, Sept. 29 (PIA) – The Bangko Sentral ng Pilipinas (BSP) needS to demonetize the old banknotes/old currencies to safeguard the integrity of the Philippine banknotes, Maria Teresa N. Labrador from BSP Tacloban Branch said.
In a joint meeting held recently with the Regional Development Council-Development Administration Committee (RDC-DAC) and the Southern Leyte Provincial Development Council (PDC), Labrador expressed why there's a need for our banknotes to be demonetize, saying that "the New Design Series (NDS) Banknotes have been in use since 1985, or for over 29 years."
The said move is to align with the practice of other central banks around the world which change the design of their currency that has been in circulation for over 10 years, Labrador bared.
She said that the NDS demonetization process started January 1, 2015 yet under Monetary Board Resolution No. 1939. Said NDS banknotes can still be used for day-to-day transactions to pay for goods and services.
Labrador added that the BSP encourages the public to use the NDS banknotes in their possession within the period from January 1, 2015-December 31, 2015, while starting January 1, 2016 until December 31, 2016, the NDS banknotes can no longer be used in day-to-day transactions, she said.
"The said NDS banknotes can only be exchanged at face value, free of charge at the Cash Department of the BSP, its three (3) Regional Offices and 19 branches or at BSP authorized agent bank," Labrador informed.
On January 1, 2017, the NDS banknotes can no longer be used in day-to-day transactions and can't be exchanged at any Bangko Sentral ng Pilipinas offices/branches /agents, Labrador added.
The New Generation Currency (NGC) banknotes will be the only banknote series that will be in use in the country starting January 2017, Labrador revealed further. (ajc/PIA8-SoLeyte)