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Sunday, January 8, 2017
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BACOLOD City – A batch of P1,000 and P500 bills with the signature of President Rodrigo Duterte has arrived in Negros Occidental.
Job Nepomuceno, deputy director of Bangko Sentral ng Pilipinas (BSP) Bacolod branch, said they already distributed new P500 bills to a number of banks in the province after they received the bills in late December.
BSP-Bacolod will soon distribute P1,000 bills.
Nepomuceno said the denominations with the signature of President Duterte are still in limited volume, and they expect other denominations of the new bills to also arrive soon.
Moreover, Nepomuceno said, since the deadline for the replacement of old bank notes has been extended to March 31 this year, Negrenses can still exchange and replace their old bills within three months.
Beginning April 1, the old banknotes or the New Denomination Series (NDS) will already be demonetized, which means these will have no more monetary value and legal tender power.
Old banknote holders may exchange their bills with the government depository banks, BSP, and other banks.
Launched in 1985, the Old Banknote Series consist of five, 10, 20, 50, 100, 200, 500, and 1,000 peso bills. These have been used for transaction until December 2015.
On the other hand, the New Banknote Series, or the New Generation Currency Bills have been used for daily transactions since December 2010. (PNA)
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