Now, if you have “hoards” of the “old” Philippine peso bills, you need not panic. While these old bills will only be valid until end of December this year, you can still exchange them in banks and in the Bangko Sentral ng Pilipinas (BSP) offices.
Reminders from BSP:
1. The public may still use the old banknotes until December 31, 2015, in paying and buying of goods and services and other business or financial transactions requiring the use of cash. These old banknotes will no longer be accepted for payment transactions after the last day of the year..
2. The public, without charge, may exchange the old banknotes with the New Generation Currency at full face value with authorized financial institutions (such as universal and commercial banks, thrift banks, rural as well as cooperative banks) and with BSP or any of its regional offices or branches from January 1, 2015 to December 31, 2016. Click here for list of BSP offices and branches.
3. As for government institutions still in possession of old banknotes which could not be exchanged during the prescribed period (such as banknotes used as evidence in a litigation case), they will have to request the BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement.
4. Now, for overseas Filipinos who still have old banknotes but would not be able to exchange them within the given period, they may register online starting October 1, 2016 to December 31, 2016 through the BSP website. The old banknotes in their possession may be exchanged with the BSP within one year from the date of online registration.
5. By January 1, 2017, final good byes to the old banknotes should have been done as these banknotes will no longer have any monetary value, and are considered demonetized.