According to a May 25 article in SUNSTAR – AN OFFICIAL of the Bangko Sentral ng Pilipinas reported that a new coin series will be issued in the next two years.
The information came from BSP Currency Issue and Integrity Office (CIIO) Managing Director Iluminada Sicat yesterday at the sidelines of the central’s banks demonetization press briefing held at the BSP Cebu office in Osmena Boulevard.
“Probably in the later part of 2016 or early part of 2017 (BSP will release the new coin series),” Sicat said.
At present, the official said BSP’s technical committee is studying the design of the new coin series, which is expected to be completed within the year.
The results of the study is subject to the approval by the Monetary Board, followed by the President’s approval in 2016.
The existing coin series, available in seven denominations, is older than the old banknotes dubbed as the New Design Series (NDS) which will lose its value starting next year. The old notes have been in circulation for almost three decades.
During yesterday’s press conference, BSP officials advised the public to exchange their old banknotes as early as possible because by Jan. 1, 2016, the old notes can no longer be used for daily transactions. These will no longer be accepted for the paying and buying of goods and services next year.
However, BSP Cebu Acting Director Leonides Sumbi clarified that the public may exchange with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, their old banknotes with the New Generation Currency (NGC) at full face value, without charge until Dec. 31, 2016.
Starting Jan. 1, 2017, the old notes that have not been exchanged shall no longer have monetary value.
There are 542 million pieces of old notes in circulation equivalent to P112 billion.
While BSP has started the process in January, a retail chain establishment in Cebu reported that some banks continuously issue them old bank notes.
To help address this, Cebu Bankers Club president Gino Gonzales said the organization will issue a directive advising the banks to stop issuing the old notes.
“We cannot force them not to issue the old notes because these are still being accepted for now,” Gonzales said in Cebuano at the sidelines of the press conference. However, he said that if banks become compliant, this will fast-track the process.
For overseas Filipinos workers who have in their possession old banknotes that could not be exchanged within the prescribed period, BSP said they may register online from Oct. 1 to Dec. 31, 2016 through the BSP website. -J.Galolo SUNSTAR