BSP announced lately that the old Philippine peso bills will expire in 2016. This means that the New Generation Banknotes introduced in December 2010 that have enhanced security features , will be in circulation as the single currency series in the Philippines.
Old Philippine peso bills are still allowed to use from January 2016 only up to December 2016. After these dates, those old Philippine peso bills will have no monetary value. Full demonitization of old banknotes will be effective January 1, 2017.
In case your wondering what are the old and the new Philippine peso bills, here’s an infographic from BSP(Bangko Sentral ng Pilipinas) that shows the old bank note series which were released in 1985 and the new bank note series which were launched in 2010.
New and Old Philippine peso bills
Some additional reminders from BSP(Bangko Sentral ng Pilipines)
1. The public may continue to use the old banknotes until December 31, 2015, in paying and buying of goods and services and other business or financial transactions requiring the use of cash. After that date, the old banknotes will no longer be accepted for payment transactions.
2. From January 1, 2016 up to December 31 2016, the Filipino public may exchange the old banknote series in authorized financial institutions like universal and commercial banks, thrift banks, rural banks and cooperative banks as well.
3. Government institutions holding old banknote series or old Philippine peso bills are required to file a request in BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement.
4. For OFWs abroad who are still in posession of old banknote series and cannot exchange within the given timeline, may register online starting from October 1, 2016 up to December 31, 2016. They can exchange the old Philippine peso bills in the Philippines thru BSP within one year after the registration.
5. Starting January 1, 2017, the old banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.
This process of demonitization is accorded with the provisions of Section 57 of Republic Act No. 7653, also known as the New Central Bank Act, that authorizes BSP in replacing banknotes that are more than 5 years old.The old banknotes have been in circulation for 3 decades.
I hope this has been informative. Cheers!