BSP Circular No. 863 Series of 2014 - December 29, 2014

 

BANGKO SENTRAL NG P ILIPINAS

OFFICE OF THE GOVERNOR

 

CIRCULAR NO. 863

Series of 2014

  Subject : Replacement and Demonetization of Bangko Sentral New Design Series

Banknotes (5-, 10-, 20-, 50-, 100-, 200-, 500-, and 1000-Piso Denominations)

 Pursuant to the authority of the Bangko Sentral ng Pilipinas (BSP) under Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, the replacement process of the New Design Series (NOS) banknotes consisting of 5-, 10-, 20-, 50-, 100-, 200-, 500-, and 1000-Piso denominations shall start on 1 January 2015. The NOS banknotes can be exchanged within a prescribed period with the BSP or its authorized agent banks and financial institut ions (universa l/ commercial banks, thrift banks, and rur al banks) at par with the New Generation Currency (NGC) Series banknotes consisting of 20-, 50-, 100-, 200-, 500-, and 1000-Piso denom inations .

 During the one-year period beginning 01 January 2015 and endi ng 31 December 2015, the NOS banknotes shall remain legal tender or acceptable as payment instrument in any transaction. Effective 01 January 2016, the NOS banknotes shall cease to be legal tender but may still be exchanged or replaced until 31 December 2016 with the BSP or its authorized agent banks and financial institutions at par with the NGC banknotes and without charge. After 31 December 2016, the NOS banknotes which have not been exchanged shall cease to be liability of the BSP and shall be demonetized. The BSP shall also demonetize all the NOS banknotes which have been called in and surrende red for replacement.

 

FOR THE MONETARY BOARD:

 29 December 2014