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The Bangko Sentral ng Pilipinas (BSP) confirmed that it began to demonetize old-designed peso banknotes and is urging the public to swap their old peso bill called New Design Series (NDS) with the New Generation Currency (NGC). Legalized by Section 57, Republic Act No. 7653 known as New Central Bank Act, BSP has been given the power to alter the Philippine money that is circulated for more than three decades. However, NDS, can still be used for paying, buying and other transactions requiring the use of cash up to Dec. 31, 2015. But from Jan. 1, 2015 until December 31, 2016, the public can exchange the notes with financial institutions—universal, commercial, thrift, rural and cooperative banks and BSP's branches across the country at face value and for free. For overseas Filipinos who can't exchange their old bank notes within the period, they may register online starting Oct. 1, 2015 to Dec. 31, 2015 through the BSP website. Since Jan. 1, 2017, old banknotes that have not been trade shall no longer have any fiscal value, BSP decreed. In addition, BPS explained that demonetizing old banknotes is in line with the practices of central banks across the world and also a way to protect the integrity of the Philippine currency. BPS also wanted to align with the practice of other central banks around the world, which normally change their currency design every ten years. In the case of the Philippines, banknotes have been in use since 1985, that is 29 years is too long a time to retain the same design of the bank notes. Also, demonetization has something to do with security and the drive against counterfeiting, BPS added. Way back in 2010, the BSP released new banknotes called "New Generation Currency" which have innovative design and enhanced security features to protect the public from fake money.
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Ron Canimo18 years old. Archives
May 2015
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