BSP reminds public demonetized coins, bills not for payment and circulation

September 19, 2022 - 11:17 AM
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BSP_artwork
An enlarged graphic from the Bangko Sentral ng Pilipinas showing demonetized bills and coins in its Facebook post on Sept. 15, 2022. (Facebook/BangkoSentralngPilipinas)

The Bangko Sentral ng Pilipinas (BSP) reminded Filipinos that paper bills and coins of the New Design Series can no longer be used for transactions after giving them opportunities to exchange them in banks.

The central bank said these are already demonetized, rendering them useless in payments for goods and services.

It added that they cannot be exchanged in banks for the new set of banknotes as the public has already been given three chances to do it before.

“Ayon sa batas, pagkalipas ng pangatlong deadline, hindi na maaaring bigyan ang publiko ng karagdagang palugit,” the BSP said in a Facebook post.

According to them, they issued reminders last Dec. 31, 2016; June 30, 2017 and Dec. 29, 2017.

For reference, the BSP shared pictures of the following demonetized series:

The BSP demonetizes legal tender currencies to prevent counterfeiting, benchmarking with other countries and as a way to safeguard the integrity of the country’s currency, among others.

It said that central banks worldwide change the design of their currencies that have been in circulation for over 10 years.

In the Philippines’ case, the old banknote series introduced in 1985 was replaced by the New Generation Currency launched in 2010.

Filipinos can have a closer look at the demonetized banknote series on its website for reference.