These old Philippine currencies can only be used until December 31, 2015 as Central Bank of the Philippines will have these demonetize. (UNTV News)
MANILA, Philippines — Old peso bills printed before 2010 are currently undergoing demonetization process by the Central Bank of the Philippines. These are banknotes that belong to the “new design series” or NDS which was first circulated in 1985.
In December 2014 Banko Sentral ng Pilipinas (BSP) announced the demonetization of these bills. When a currency is demonetized, it loses its value.
However, the public may still use it until December 31, 2015. From January 1 to December 31, 2016 old banknotes may be exchanged for new ones at any bank.
BSP said, there are about 16% or more than 400 million pieces of old currencies that are still out in circulation.
After 2016 Only the New Generation Currency or NGC will be in circulation.
Some noticeable features of NGC is the blue eagle logo of the BSP; the seal of the Republic of the Philippines; different sizes of serial numbers; highlighted print of colors; wider windowed security thread; younger faces of printed personalities and larger number of denomination.
There are no 5 and 10-peso bill in the new generation currency.
Demonetization is done to prevent counterfeiting. “Ang main issue doon is to safeguard the integrity of our currency buy withdrawing the NDS in favor of the new generation currency na mayroon itong enhanced security features,” said BSP Deputy Director, Grace Malic.
(The main issue is to safeguard the integrity of our currency by withdrawing the NDS in favor of the new generation currency with enhanced security feature.)
Even without using a detector, one can still tell whether a bill is fake or not.
Malic instructed, “Ang salat ng genuine ay may embossing ang counterfeit ay wala… Kung glossy lang sya na hindi nangyayari yung pagpapalitan ng kulay glossy lang siya, ibig sabihin nun yung pera mo ay peke.”
(You can feel the embossing of the genuine which the counterfeit doesn’t have…If it’s just glossy and no interchange of colors that means, it’s a fake.)
From October to December 2016, Filipinos abroad who are in possession of these old peso bills may register the amount on the BSP website.
They will be given a year to have it replaced by BSP. (NEL MARIBOJOC / UNTV News)
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