UPDATE (30Dec2014 post): BSP starts decomissioning old NDS banknotes
In a Manila Bulletin recent article, the old “New Design Series” (NDS) banknotes will undergo Banko Sentral ng Pilipinas’ (BSP) formal currency retirement or demonetization program and be demonetized by 2015, afterwards the “New Generation Currency” (NGC) banknotes shall be the only legal notes to be acknowledged. The start for NDS’ demonetization is said to be announced by early 2014 and a one year transition period shall be provided to the public.
Both the NGC and the NDS banknotes will continue to co-circulate until the end of 2014. By 2015, only the NGC notes will be circulated.
BSP explains, “Currency demonetization is the process of removing the monetary value of a legal tender currency. This will be done through a gradual process as applied to unfit and mutilated currency notes and coins, and by replacement by a new series of banknotes’ design.”
The NDS is presently one of the legal tender banknote design series currently in circulation and has been since 1985 whereas the New Generation Currency (NGC) banknote series was first introduced in December 2010. In 2011, NGC notes received a finalist award for the Best New Banknote Series category. At present, BSP prints lower denominations of the NGC, the 20piso and the 50piso banknotes while the rest of the higher bills are being printed by foreign printers. BSP has just started printing NCG locally this year.