BSP: Old bills valid till yearend

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) urged businesses to continue accepting old banknotes as the government is on track with its demonetization program.

BSP deputy governor Diwa Guinigundo told reporters on Monday during the launch of the new limited P10 commemorative coin for the 150th birth anniversary of Gen. Miguel Malvar that the New Denomination Series (NDS) banknotes launched in 1985 are valid until the end of the year.

Starting in January, he pointed out only the New Generation Currency (NGC) bills would be the currency in circulation.

He clarified the NDS banknotes could still be exchanged in banks and BSP offices until December next year before being demonetized in January 2017. 

Guinigundo said the BSP has started consultations with stakeholders on the proposed new generation coins that would feature the electromagnetic signature (EMS) to guard against tampering and counterfeiting.

“The BSP is still finalizing the new generation coins which we expect to issue three or four years from now. We are studying the designs as well as metal composition,” he added. 

The existing one-centavo, five-centavo, 10-centavo, 25-centavo, P1, and P5 coins have been in circulation since 1995 while the P10 coin bearing the profiles of Andres Bonifacio and Apolinario Mabini was issued in 2001.