2017-06-30 Fri

The Central Bank of Philippines will be accepting old banknotes for replacement only until 30th June. The earlier deadline of 31st March was extended by three months already, as per public demand. Officials stated that there are very few pending notes that need to be replaced. The replacement of New Design Series with New Generation Currency can be done through BSP and its authorised agent banks. The old currency bills will be completely demonetized from 1st July. Banks which refuse to exchange and replace old bills may have to pay a fine. There are reports that some are keeping the old money as collector’s item. The Old Banknote Series was launched in 1985 and were used for transactions until December 2015. The New Generation Currency has been used since December 2010.