Watch: How to Spot the Difference Between the Old and New Philippine Peso Bills for 2016 (Video)
As we all know, there will be a series of new Philippine peso bills, and the older ones can no longer be used for buying, paying and other transactions starting January 1, 2016. This is because the Bangko Sentral ng Pilipinas (BSP) will demonetize these bills. But it you are still confused on the difference between the old and new bills, watch the video below.
According to the BSP, the New Generation Currency (NGC) Banknotes have new security features against counterfeiters. These new peso bills will also help visually-impaired people to differentiate each denomination by simply touching them. The replacement of old Philippine money is in accordance with Section 57 of Republic Act No. 7653 or the New Central Bank Act.
Below are the significant features of the old and new peso bills for 2016:
Old peso bills:
* Launched in 1985, and bears the old BSP logo * Eight (8) denominations (5, 10, 20, 50, 100, 200, 500, and 1000) * Image or portrait of heroes and past presidents of the Philippines looks older * Serial number has 6 to 7 digits (the same size) and 1 or 2 prefix letters * Back side features significant events in Philippine history, heritage sites and buildings
New peso bills:
* Launched in 2010, and bears the new BSP logo * Six (6) denominations only (20, 50, 100, 200, 500, and 1000), no more P5 and P10 bills * Image or portrait of heroes and past presidents of the Philippines looks younger * Serial number has 6 to 7 digits (increasing in size) and 1 or 2 prefix letters * Back side features species and iconic natural wonders in the Philippines * New P100 bills have sharper violet color to easily distinguish them from the blue P1,000 bills * P500 and P1,000 bills have optically variable device (OVD) patch that changes colors from green to red and vice versa
What you should do if you still have old peso bills after December 31, 2015:
* You can exchange them in authorized financial institutions such as universal and commercial banks, thrift banks, cooperative banks and rural banks. The grace period is until December 31, 2016 only, and will be free of charge.
* If you are an OFW, register online at the BSP’s website at (www.bsp.gov.ph) from October 2016 to December 2016 and exchange your old bills within a year from your registration date. Note, however that the BSP will no longer exchange them one year after you registered.
Very important note:
The BSP will implement full demonitization of the old banknotes starting January 1, 2017, which means they will no longer have any monetary value and you cannot exchange them anymore.