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BY MERIANNE GRACE EREÑETA
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Wednesday, December 21, 2016
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ILOILO City – The Bangko Sentral ng Pilipinas (BSP) Iloilo branch urged the public to exchange their old banknotes for new ones now.
The deadline is Dec. 31, according to BSP-Iloilo acting deputy director Joanne Marie Castelo.
Bills under the New Design Series (NDS) must be replaced by the ones under the New Generation Currency (NGC).
In 2017, the NDS banknotes will no longer be accepted.
“Do not wait for the deadline,” Castelo stressed.
The NDS banknotes (launched in 1985) include P5, P10, P20, P50, P100, P200, P500, and P1,000 bills but the NGC ones (produced starting Dec. 16, 2010) include only P20, P50, P100, P200, P500 and P1,000.
New banknotes feature “young-looking” famous Filipino figures and Philippine natural wonders, the BSP said.
“We have been using the old banknotes for more than three decades now,” said Castelo. “In other central banks around the world, a banknote lasts only 10 years.”
One reason that old banknotes must be replaced as soon as possible is to drive counterfeiters out of business, she said.
“The longer the old banknotes are in circulation, the chance get bigger for counterfeiters to figure out the bills’ security features and perfect the production of fake ones,” said Castelo.
BSP and the other banks have been exchanging old banknotes for new ones since January./PN
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