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nds-demonetization-scheduleNever hold on to those old bills unless you want them for your personal collection…

Bangko Sentral ng Pilipinas (BSP), in their campaign to inform the public of the demonetization program of the New Design Series Banknotes, encourages everyone to have their old bills as well as those torn and overused to be replaced with the New Generation Currency Banknotes.

In a seminar attended by municipal government and business establishments’ employees, captains and treasurers of the 33 barangays, and the general public held yesterday, July 28, 2015, at the Dalaguete Sports and Cultural Complex, BSP research analyst Hazel Ramirez discussed on why is there a need to demonetize our old bills named New Design Series Banknotes and introduced the New Generation Currency Banknotes and their enhanced security features.

The NDS Banknotes have been used in circulation for more than 29 straight year now; BSP aims to align with the practice on other banks around the world which change the design of their currency that has been in circulation for over 10 years. Also they take great measures to maintain the integrity of our currency at all times.

Under Monetary Board Resolution Number 1939, NDS demonetization process will commence on January 1, 2017 as approved by the Monetary Board. The public is advised to take note of this Demonetization Schedule.

2015

From January 1 to December 31, 2015

The old banknote series can still be used for daily transactions.

2016

From January 1 to December 31, 2016

The old banknote series can no longer be used for daily transactions and can only be exchanged in authorized agent banks and BSP Cash Department of any of its Regional Offices/Branches.

2017

Starting January 1, 2017

Demonetized, no more monetary value.

New Generation Currency Banknotes were released in circulation on December 16, 2010. They have six denominations (20-, 50-, 100-, 200-, 500-, and 1000- piso) with enhanced security features to remain steps ahead from counterfeiters.

The public is encouraged to feel, look, and tilt a note to know if it is genuine or a counterfeit. Notes are made of 80% cotton and 20% abaca which give it a distinct texture and they have embossed prints as well which gives it rough surfaces on the denomination, signatures and other words like the “Republika ng Pilipinas”. Watermarks, security fibers, security threads, fine line printing and see through marks can also be seen. Concealed value and changing colors of windowed security thread OVI (optically variable ink) and OVD (optically variable device) can be revealed when tilted. One very important thing to remember is to check for the security thread of a note because without them a note is of no value.

Ms. Ramirez also talked about “Clean Note Policy”. She encouraged everyone to circulate clean notes and keep the unfit notes or those which are heavily creased to the point of breaking the fiber of the paper, badly soiled, contaminated or with writings even if it has proper size. These unfit notes should be replaced in banks.

Mutilated notes or those notes which are not on their proper sizes anymore, heavily creased and of decomposition state can still be replaced in the BSP Office or Regional Offices as long as they have 60% or 3/5 surface area, a portion of any of the facsimile signatures and serial number.

Everyone is urged to take care of our money not only because anyone is punishable by a fine of up to Php20,000 or imprisonment of up to 5 years or both through Presidential Decree 247 for mutilation, defacement, tearing, burning and destruction of BSP notes and coins, but more importantly because they are symbols of our cultural wealth, as BSP have it “Ingatan ang ating salapi, larawan ito ng ating yamang-lahi”.

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