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Know Your Money Part 1: Blogger’s Forum on Demonetization

Blogger’s Forum on Demonetization

Last July 10th, I was privileged to attend a blogger’s forum on Demonetization Program, which tackles about the Philippine Money. It was a fun and casual talk arranged by the Philippine Information Agency (PIA) Cebu, and the Bangko Sentral ng Pilipinas (BSP) Cebu Region, together with the Cebu Blogging Community (CBC).


BSP or the Central Bank of the Philippines is the ONLY AUTHORITY to print money and regulate our bank operations.

I learned a lot about the Philippine money, specifically more on Demonetization, New Generation Currency Series, types of money (fit, unfit, & mutilated), and new security features. 
For this post, I’ll talk about Demonetization, and in another post, I will share the best ways to detect counterfeit money.

What is Demonetization and which MONEY will be Demonetized?


Demonetization is the process of withdrawing the money from circulation and removing the monetary value of the legal tender currency, by the issuing authority, which is the BSP. Demonetization happens every 30 years and this the 30th year of our old generation banknotes.
Currently, we are using two generations of money. The old banknote series or the New Design Series (NDS, launched in 1985), and the new banknote series or the New Generation Currency Series (NGC, launched in 2010).
According to BSP, BOTH old and new banknote series CAN BE USED today. However, the old generation banknote series, will be used until December 31, 2015 ONLY and will be under demonetization starting next year, January 2016.

What will happen during Demonetization?

Since the old banknote series can be used today until December 31, 2015 ONLY, starting January 1, 2016, these old bills can no longer be used in transactions. 
By January 1, 2016 – December 2016, old banknotes can be exchanged to the new generation currency at ANY bank in the Philippines.
On January 1, 2017, old bills will be demonetized. Meaning, they can’t be exchanged or used and they will no longer have monetary value. So by that time, only the new generation currency will be in circulation and be used in all transactions.

Important Reminders on Exchanging Old Banknotes

  • All banks, including cooperative banks, are authorized banks to exchange your old banknotes.
  • It is OK to exchange at any bank even if you are not a depositor of the said bank.
  • Exchange is FREE of charge.
  • NO maximum amount and NO limit as to the number of exchanges.
  • Exchange is from January 1, 2016 up to the last banking day of 2016.
  • Persons living abroad who are in possession of old banknotes can register online at www.bsp.gov.ph from Oct.1, 2016 – December 31, 2016, to have a one year extension for the exchange period, from the date of registration.
  • Best to exchange your old banknotes as early as  possible, and avoid the last few months or days as most people tend to do “last minute” exchange transactions. πŸ™‚
That’s all for Demonetization.
Again, I’ll share more in another post, specifically on the security features of the new banknotes and the best ways to detect counterfeit money. Follow Mommy Wanders on Facebook for updates! πŸ™‚
BSP and PIA Cebu have been very active in spreading the news on Demonetization. I hope I have done my part in sharing about this important information on our money circulation. Please do your part and share this to your family and friends.
Feel free to share on Facebook, Twitter, email, or other means by hitting the social icons below. Thank you! πŸ™‚

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12 Comments

  • Reply Daniel Kaity Bato

    Thanks for the extra knowledge!(:

    July 28, 2015 at 3:49 pm
  • Reply Nathalie

    Everyone needs to be aware since we all use "paper money", from the highest to the lowest sector of the country. It's nice that the government is doing forums like these about the topic, aside from the posters they've released. ^_^

    July 29, 2015 at 6:22 am
  • Reply Janice Lim

    This is really very helpful information. I read something about demonetization a few days ago but the details weren't so clear. Thanks for clearing things up. πŸ™‚

    July 29, 2015 at 6:25 am
  • Reply Rose Angelie

    Sure! πŸ™‚

    July 29, 2015 at 6:06 pm
  • Reply Rose Angelie

    I agree. And they even told us that this was actually the first ever Blogger's Forum arranged by BSP to spread this news. Normally, they rely on the city and baranggay sectors only. πŸ™‚

    July 29, 2015 at 6:10 pm
  • Reply Rose Angelie

    You're welcome! πŸ™‚ Glad this was of good help to you, thanks! πŸ™‚

    July 29, 2015 at 6:11 pm
  • Reply Rowena Wendy Lei

    Good to know we have the entire 2016 to exchange old banknotes.

    July 31, 2015 at 2:05 am
  • Reply Louisa

    Noted in my calendar. Will be sure to trade in my old bank notes.

    July 31, 2015 at 4:07 pm
  • Reply Rose Angelie

    That's right. But the earlier the better. πŸ™‚

    August 1, 2015 at 2:11 am
  • Reply Rose Angelie

    Great!

    August 1, 2015 at 2:12 am
  • Reply Tetcha

    Thanks for sharing this information about demonetization. I learned something new and important today. — Maria Teresa Figuerres

    August 13, 2015 at 12:16 am
  • Reply Rose Angelie

    I'm glad you find it helpful. Thank you! πŸ™‚

    August 19, 2015 at 7:27 am
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