BSP shifting to New Generation Currency bills on January 1

Shifting to a single currency series in the country, the Bangko Sentral ng Pilipinas (BSP) announced Monday, December 29, that the demonetization process on the old banknotes or the New Design Series (NDS) will start Thursday, January 1, 2015. The replacement process is in line with the provisions of the Section 57 of the Republic Act No. 7653, or the New Central Bank Act that authorizes the BSP to replace banknotes that are in circulation for more than 5 years. Demonetizing NDS will result in the circulation of a single currency series in the country – the New Generation Currency (NGC) series. Issued on December 16, 2010, the NGC banknotes are using new and enhanced security features to help thwart counterfeiting.

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