BSP to release Duterte-signed new peso bills next week

The Central bank on Wednesday is set to release initial batch of banknotes bearing the signature of President Duterte starting next week.

BSP Governor Amando Tetangco Jr. said new generation of currency bills is ready for release to the public and will be issued to authorized banks.

"These banknotes shall be issued to authorized agent banks once the approval process is completed,” he said.

Under Section 53 of the second chapter of RA 7653 or The New Central Bank Act, the banknotes “shall bear the signatures, in facsimile, of the President of the Philippines and of the Governor of the Bangko Sentral.”

Meanwhile, the central bank also reminded the public to exchange old banknotes  at all authorized agent banks and all BSP offices and branches before being demonetized.

Starting January 1, 2017, the old banknote series will no longer have value and cannot be exchanged for the new generation series.

Under Republic Act No. 7653 or the new Central Bank Act of 1993, the central bank is authorized to replace notes of any series or denomination that are more than five years old and coins that are more than 10 years old.

source: newsph