BSP says P20 banknotes stay as legal tender amid circulating false group chat messages

September 28, 2021 - 9:10 PM
1586
P20 banknote. (Art by Rhovin Luke Maglaqui)

The Bangko Sentral ng Pilipinas advised the public that  P20 banknotes can still be used in circulation following text messages that stated otherwise.

In its advisory on September 27, BSP attached a graphic of a text message saying that P20 banknotes can only be used until Dec.  31, 2021.

“Please take note that all P20 paper bills should not be tender anymore before December 31, 2021. So please exchange with the bank soonest before year end,” the text message in the graphic read.

BSP then cautioned the public from believing these circulating false messages in group chats.

“The Bangko Sentral ng Pilipinas (BSP) warns the public about a circulating message in group chats claiming that the P20 new generation currency banknote shall be demonetized by the end of the year,” it said.

BSP explained that these banknotes can only be removed through natural attrition or until they are deemed unfit for recirculation.

“The Bangko Sentral ng Pilipinas (BSP) advises the public that the 20-Piso New Generation Currency (NGC) banknotes remain as legal tender and can be used alongside the 20-Piso NGC coins for day-to-day transactions,” the bank said.

“The 20-Piso NGC banknotes shall be gradually removed from circulation through natural attrition or until the 20-Piso banknotes become unfit for recirculation,” it added.

In line with this, the central bank also advised the recirculation, distribution and mobilization of P20 coins.

“The BSP released the new 20-Piso NGC coin on 17 December 2019. The bi-color 20-Piso coin retains major elements of the 20-Piso banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañang Palace, and the Nilad plant,” it said.

“The BSP enjoins the public to properly use and to recirculate Philippine coins for their economic and cultural value,” it added.