THE number of old banknotes circulating in the financial system as of September this year declined more than 50 percent compared to the start of 2015 due to the ongoing demonetization by Bangko Sentral ng Pilipinas.
At the start of 2015, 711.7 million pieces of New Design Series notes valued at P184.3 billion were in circulation. But latest Bangko Sentral data showed that 305.4 million pieces of the old banknotes valued at P26.1 billion remained in the system as of end-September 2016.
Bangko Sentral Deputy Governor Diwa Guinigundo said in a briefing Wednesday the number would further decline before the year ended.
“By end of December 2016, we would be able to reduce the number of old banknotes [circulating in the financial system],” Guinigundo said.