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Old Bills Will No Longer Be Used In 2016

Recently, we were invited by Bangko Sentral ng Pilipinas (BSP) Cebu office for a blogger's forum about the Demonetization Program. This is in coordination with Philippine Information Agency (PIA Cebu) and Cebu Blogging Community (CBC). 

What is Demonetization?

Demonetization is when bills will no longer be used for puchases or has no financial value at all. If the bill is already demonetized, you can no longer make a payment using it and the demonetized bill will no longer have any economic value.  In the Philippines, demonetization only happens every 30 years but for other countries they usually do it every 10 years. 

When do you need to change your bills?

As early as now, you have to make sure that the bills that you have are the New Generation Currency Series or to be specific, the bills with ascending font size of serial numbers. If the bill has a uniform font size for serial numbers then, that is considered as the old bill. You only have until December 31, 2015 to use the old bills for purchase. 

Starting January 1, 2016 to December 31, 2016, the old bills will no longer be accepted as payments but you can still be able to have it exchange with the New Generation Currency Series to all banks or BSP Office. If you have kept some bills in your cabinets or vaults, be sure to have them exchange before January 1, 2017.

For Filipinos aboard who still has the old bills and are not yet going home to the country to have exchanged for the next year, there is nothing to worry. You can register online at the BSP website from October 1, 2015 until December 31, 2015.

Since the old bills will no longer in the circulation starting January 1, 2016, I bet a lot of people will keep the old bills as a souvenir. 

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