2017-08-02 Wed

The Central Bank of Philippines announced that P100,000 and P2,000 centennial commemorative banknotes released when Joseph Estrada was the president in 1998 would be demonetized. The notes will remain legal tender till 31st July 2018 and can be exchanged with New Generation Currency (NGC) bank notes for full face value from 1st August 2018 to 31st July 2019. People also have the option to keep these notes as collectors’ items. Fewer Commemorative banknotes are released in the country apart from banknotes released for circulation overprinted with an emblem or text to celebrate the same event or personality.

P100,000 centennial commemorative note is the biggest legal tender denomination in terms of face value and dimension as well. 1,000 P100,000 commemorative banknotes were released to celebrate the 1998 Philippine centennial year. The note depicts the proclamation of Philippine independence by General Emilio Aguinaldo on 12th June 1898 and the Sigaw ng Himagsikan (War Cry). The P2,000 centennial commemorative banknote was released in the same year featuring the oath-taking of then president Joseph Estrada and the re-enactment of the declaration of independence by former president Fidel Ramos. These Commemorative banknotes are a part of the New Design Series which have been demonetized.