The Bangko Sentral ng Pilipinas (BSP) is set to demonetize the OLD banknote series beginning January 1, 2017.
However, from January 1 to December 31, 2016 - the OLD banknote series can no longer be used for daily transactions and can only be exchanged in banks and BSP Offices.
Only the NEW banknote series may be used and will remain as legal tender beginning January 1, 2016.
For more info, visit Bangko Sentral Demonetization Brochure: http://www.bsp.gov.ph/bspnotes/dem-images/NDSBROCHURE-English.pdf
Image courtesy of http://www.bsp.gov.ph/
I have seen this poster from Union Bank and from PMFTC's letter.
Please refer to the below BSP Info script for your guidance:
- Jan. 1 to Dec. 31, 2015 - both OLD and NEW banknote series are accepted as legal tender.
- Jan. 1 to Dec. 31, 2016 - only the NEW banknote series is accepted as legal tender. OLD banknote series on hand may be exchanged in banks and BSP offices.
- Jan. 1 2017 on-wards - only the NEW banknote series is accepted as legal tender. OLD banknote series is DEMONETIZED ( no more value ) and can no longer be exchanged in banks and BSP offices.
What are the old banknote series to be demonetized?
Image courtesy of Bangko Sentral ng Pilipinas brochure
Because of many fake money spreading around trying to counterfeit transactions, demonetizing money was a good solution. Was it really a good solution? Since the new banknote series launched on Dec. 16, 2010, it was also start of confusion of many citizen. Actually, the whole features was impressive, only the colors were just a bit of problem.
Image of One Hundred Peso bill
Image courtesy of www.leftovercurrency.com
Image of One Thousand Peso bill
Image courtesy of creativeroots.org
If you will observe and look it closely you will definitely say that the bills are different. But looking it a glance specially at night, they were just almost the same as If the one thousand peso bill was an old version or decreased it's color because it might left on the pocket and washed. Also the Twenty Peso bill and Fifty peso bill, the colors were almost the same. It was one of the problem of small vendor like me. I'm sure our Seniors and has poor eyesight will also having difficulties. The worst and frustrating scenario is when a small-earner vendor confused by the said peso bill because of it's color turns him to transact erroneously. Infairness to BSP, they are doing their best just to provide us a secure banknotes but hopefully they will improve their next batches of banknote prints.
No comments:
Post a Comment