The money you are probably holding right now will lose its value!
That is true if you are holding the New Design Series (NDS).
That’s what I learned when Banko Sentral ng Pilipinas and Philippine Information Agency organized a Bloggers’ Forum about the Demonetization Program.
The Banko Sentral ng Pilipinas has decided on December 16, 2010 that it’s high time for our banknotes to receive a face lift and add more features that will make our paper bills more difficult to counterfeit.
So which of the paper bills in your wallet will lose its value next year?
Let’s find out!
The New Design Series Philippine Peso Banknotes
These were issued on June 12, 1985 and has been in circulation for more than 25 years all ready.
Banko Sentral will be demonetizing these bills starting on January 1, 2016 so if you currently have these on your wallet, you have to keep these in mind:
- Don’t panic because it can still be used to purchase products and services this year (2015).
- You can go to any bank and have it replaced with the New Generation Currency Banknotes.
- You have the entire year of 2016 to have all your New Design Series bills exchanged for New Generation Currency Banknotes.
- By 2017, all New Design Series bills will no longer accepted to purchase products and services or even exchanged in the bank for New Generation Currency bills.
If you think you’ve got a suspicious banknote in your hands (I’m talking about fake money), don’t fret.
Just bring it to any bank and they will send it to Banko Sentral ng Pilipinas in order to be verified.
The bank will then give you an acknowledgment receipt.
If you’ve got question or clarifications, you can always contact or visit the nearest Banko Sentral ng Pilipinas office.
- BSP Head Office, Manila: (632) 708-7701
- BSP Security Plant Complex, Quezon City: (632) 929-7071 to 90
- BSP Cash Department: (632) 352-1485 or 929-7071 local 618 or 619
- Cebu Regional Office: (032) 254-0973
- Website: www.bsp.gov.ph
I don’t know about you but I will surely miss the New Design Series but I also love the overall look and feel of the New Generation Series.
What can you say about the demonetization program?