Bangko Sentral orders demonetization of commemorative coin series

MANILA, Philippines — The Bangko Sentral ng Pilipinas on Friday ordered the demonetization of commemorative “Pilipino,” “Ang Bagong Lipunan” and “Flora and Fauna” coin series, which were minted on various dates from 1974 to 1994 and were sold in sets. 

In a press statement, the BSP said the coin series were demonetized and ceased to be a liability of the BSP after Jan. 2, 1998 by virtue of Circular No. 81.

“The above-mentioned coins, either individually packed or included in sets, were however not specifically mentioned in the said circular and thus not included in the original call for demonetization,” the BSP explained.

According to the central bank, the commemorative Pilipino, Ang Bagong Lipunan and Flora and Fauna coins in sets and in individual packaging will remain legal tender up to April 30, 2019 only. Thereafter, the said coins would cease to be legal tender.

From May 1, 2019 to April 30, 2020, the said commemorative coin series might be exchanged with the BSP for an amount equivalent to the face value. 

Starting May 1, 2020, the said coins would be considered demonetized.