P100 K, P2 K centennial bills no longer legal tender — BSP

MANILA, Philippines — Holders of the P100,000 and P2,000 centennial commemorative bills have until Aug. 1 to exchange them with new banknotes, the Bangko Sentral ng Pilipinas said.

According to the BSP, the centennial commemorative notes are no longer acceptable as payment for any transaction but may be exchanged for new generation currency banknotes at face value, free of charge, in authorized agent banks and at BSP offices.

Pursuant to BSP Circular 937 issued in September 2017, all centennial commemorative notes that have not been exchanged shall be considered demonetized starting Aug. 2.

The P100,000 centennial commemorative note is the biggest legal tender denomination issued by the BSP, both in terms of face value and dimension, measuring 22 cm by 33 cm.

The BSP issued 1,000 pieces of P100,000 bills featuring the glorious and triumphant scene of the Proclamation of the Philippine Independence by General Emilio Aguinaldo on June 12, 1898 and the “Sigaw ng Himagsikan.”

The P2,000 banknote was also issued in 1998 depicting the oath-taking of then president Joseph Estrada and the re-enactment of the declaration of independence by former president Fidel Ramos.

 BSP issues commemorative banknotes to honor an event of historic significance to the country. Usually, these are in limited volume, set apart from the banknotes intended for circulation and overprinted with an emblem or text descriptive of the theme or occasion being celebrated.

Numismatists or currency collectors often preserve commemorative or limited-release banknotes and coins for their numismatic value.

 The demonetization process of both commemorative bills is in line with the provisions of Sec. 57 of Republic Act  7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old.

The NDS banknotes launched in 1985 were demonetized. The old banknotes denominated in P5, P10, P20, P50, P100, P200, P500 and P1,000.