The Bangko Sentral ng Pilipinas on Monday reminded the public, that the old banknotes can only be used at the end of the year.
At a news briefing in the House of Representatives, Maja Gracia Malik, deputy director of the BSP, said a total of 432,000 pieces of money in different denominations are “in the loose,” amounting to about P67 billion.
Malik said those holding old banknotes could register with the BSP, starting October 2016 to December 2016 so that the banks can reserve money for replacement. The BSP put a limit of P10,000 per OFWs, she said.
Malik said some security and new features of the new generation currency had already been launched back in 2010.
“Demonitized currency will no longer be accepted to pay for goods and services,”Malik said.
Starting January 2016, Malik said those with old banknotes can go to the bank to exchange their money for new ones.
By 2017, all the old notes will be demonetized, Malik pointed out.