(CNN Philippines) — The previous edition of banknotes issued before the government’s “New Generation Currency” will be valid in daily transactions up to December 31, 2015 only, according to the Bangko Sentral ng Pilipinas (BSP).
The BSP defines daily transactions as those involving payment of goods or services in cash.
The old generation of banknotes have been in use for nearly three decades.
It’s aiming for the circulation of a single peso currency.
It said that the new edition bank notes, which were introduced in December 2010, “have more enhanced security features to protect the safety of the public against counterfeiters.” Such include embossed prints, security fibers, and special security thread.
The bank clarified that the public can still exchange old notes in authorized financial institutions, such as banks, for the old notes’ face value without charge. However, this policy will only last until December 31, 2016.
Overseas Filipinos who cannot exchange old notes within the period can register in the BSP’s website from October 1, 2016 to December 31, 2016. Their old notes can be exchanged with the BSP within one year from their date of registration.
The central bank said that the old edition notes will have no monetary value beginning January 1, 2015.
