Contrary to popular belief, the old P5.00 and P10.00 bills of the New Design Series (NDS) can still be legal tender until December 31, reminds the Bangko Sentral ng Pilipinas (BSP).
BSP, who is into dissemination of information on the demonetization of the NDS which started circulating since 1985 circulated reiterated that the NDS can still be used for ordinary payments of goods and services until December 31 this year.
This too as the BSP has already started flooding the markets with the New Generation Currency, the new design which had been introduced into the market since 2 years ago.
According to BSPâ€™s Hazel Cultura BSP, the P5 and P10 peso bills are among the 8 paper bills set for taking out of circulation starting January 1 of 2016.
Speaking at the Kapihan sa PIA, Cultura stressed that the NDS which came out over 30 years ago, has to be demonetized and a new design reintroduced to keep off from counterfeiters who have upgraded their skills to fake money.
The move is also in line with section 57 of the Republic Act No. 7653, or the New Central Bank Act that authorizes the BSP to replace banknotes that are in circulation for more than 5 years.
With the New Generation Currency which replaces the NDS, it bears more security features that would be difficult to fake, Cultura assured.
Beginning January 1, 2016, all money that would be circulating would be from the NGC, which can be identified by looking at the noteâ€™s serial numbers.
If the serial numbers, which can be seen on the lower left and upper right sides of the banknote are asymmetrical, meaning the letters and the numbers increase in size and thickness, then you are looking at NGC.
The NGC also uses a new BSP logo, which now feature the Philippine eagle instead of the old usual wheel logo of the Central bank.
Security features include look, feel and tilt elements in the note.
The NGC uses cotton and abaca fibers, making the texture feel rough to the touch, and the new banknote features embossed prints in the Bangko Sentral ng Pilipinas, money value, signatures and value panels, Cultura points out.
After December 31 however, while the NDS can not be used in daily transactions, it can be exchanged for the same cost at any of the banks, until December 31, 2016, according to the BSP. (rac/PIA-7/Bohol)