The Philippines to demonetize old banknote series

The Bangko Sentral ng Pilipinas (BSP: the Central Bank of the Philippines) will demonetize the old series of banknotes according to a news report from the Manilla Bulletin:

The "old" banknotes called "New Design Series (NDS)" by the Bangko Sentral ng Pilipinas (BSP) will become collectors’ money or currency by 2015. The BSP will stop the printing of NDS this first quarter, finally, and will only produce the "New Generation Currency (NGC)" that the public was first introduced to in December 2010.

For three years, the old and new banknotes were co-circulated. In the next two to three months, however, the NDS notes bearing the 2014 stamp will be considered limited edition as the banknotes series will be printed for the last time. BSP Deputy Governor Diwa C. Guinigundo said they will make the call demonetizing the NDS banknotes later this year. After the announcement, the BSP will give the public one year as transition period to spend the old banknotes. By 2016, only the six denominated NGC banknotes – the 20-piso, 50-piso, 100-piso, 200-piso, 500-piso and the 1,000-piso – will be recognized as the country’s legal tender.

The soon to be demonetized 5 peso note from the New Design Series:

Steven Wednesday 01 January 2014 at 5:04 pm | | news
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