Check your PH bills: Old banknotes valid until Dec 31 only

Do you still have old Philippine peso bills? Better check your wallet because these bills will no longer have monetary value by 2017.

According to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo, the banknotes launched in 1985, can be used up to until December 31, 2015 only.

However, you can still be able to have it exchanged in authorized banks and in the BSP Cash Department from January 1, 2016-December 31, 2016.

On January 1, 2017, these old banknotes will officially be declared to have no monetary value. This demonetization process is in line with Section 57 of Republic Act No. 7653 or the New Central Bank Act, which permits the BSP to replace bank notes that are more than 5 years old.

This demonetization policy results in the use of the newest Philippine banknotes released in December 2010. This series of banknotes is said to allow easy identification with its new features such as the use of dominant colors and the embossed feel which can help visually-impaired people to differentiate the denomination.

Report Source: Rappler.com