December 1, 2015The Bangko Sentral ng Pilipinas (BSP) started the demonetization process of the old banknote series on 01 January 2015, under Monetary Board Resolution No. 1939. Under the program, the BSP will gradually cease circulating the old series of banknotes, which has been around since 1985. Replacing it will be the new banknote series, launched in 2010, which has been circulating alongside it. Important Dates for the Demonetization Schedule The old banknote series can still be used alongside the new banknote series for daily transactions to pay for goods and services until 31 December 2015. Effective 01 January 2016, the old banknote series can no longer be used in daily transactions to pay for goods and services. From 01 January to 31 December 2016, the old banknote series can only be exchanged at face value, free of charge, in authorized agent banks and at the BSP Cash Department or any of its Regional Offices and Branches. Effective 01 January 2017, the old banknote series shall cease to be a liability of the BSP and shall be considered demonetized. The old banknote series can no longer be used in daily transactions to pay for goods and services and can no longer be exchanged at the BSP or any BSP authorized agent bank. To learn more, click here.