Old Banknotes collectors items by 2015

Manila, Philippines - The “old” banknotes called “New Design Series (NDS)” by the Bangko Sentral ng Pilipinas  (BSP) will become collectors’ money or currency by 2015.

The BSP will stop the printing of NDS this first quarter, finally, and will only produce the “New Generation Currency (NGC)” that the public was first introduced to in December 2010.

For three years, the old and new banknotes were co-circulated.

In the next two to three months, however, the NDS notes bearing the 2014 stamp will be considered limited edition as the banknotes series will be printed for the last time.

NDS Demonetization

BSP Deputy Governor Diwa C. Guinigundo said they will make the call demonetizing the NDS banknotes later this year.

After the announcement, the BSP will give the public one year as transition period to spend the old banknotes.

By 2016, only the six denominated NGC banknotes – the 20-piso, 50-piso, 100-piso, 200-piso, 500-piso and the 1,000-piso – will be recognized as the country’s legal tender.

The NDS was first issued in 1985.

In 1993 when the New Central Bank Act established the new BSP, some circles within the independent institution began calling it the “BSP Series.”

The original set of NDS included the banknotes version of the P5 or 5-piso and the P10 or 10-piso.

The lower denomination NDS, now produced as coins, saw its last print in 1996 and 2002, respectively.

With the phaseout of the P5 banknote brought out the new P200 banknote.

Currency demonetization, as BSP explained it, is the process of removing the monetary value of a legal tender currency.

This will be done through a “gradual process” as applied to unfit and mutilated currency notes and coins, and by replacement by a new series of banknotes’ design.

Guinigundo said the public will still be able to use the NDS banknotes for payments or exchange for normal transactions in 2015 after the Monetary Board, which is the BSP’s policy-making body, approves the demonetization schedule.

In a previous interview, Guinigundo said the NDS will be pulled out of circulation by end-2015.

“The public can still transact with NDS in 2015 and use it in a normal transaction,” he explained. “But beginning 2016, that’s no longer allowed.”

Still, anyone stuck with a few more NDS bills have the chance to exchange the notes with the BSP or through the banks but this has a deadline.

Printing Of Money

Guinigundo said they will no longer print NDS by the end of the first quarter. Since 2012, there were more NGC volume being circulated than NDS.

The BSP has increased the volume of locally-printed banknotes by 92.3 percent or from 1.3 billion pieces to 2.5 billion pieces with the improved capacity to print the country’s own money.

The BSP forecasts that with the expanding economy, the Philippine currency in circulation will grow beyond 13.8 percent in terms of peso value.

The Philippines is one of a handful of central banks that operates its own banknotes printing facility. In the region, China, Thailand, and Indonesia have their own banknotes printing plants.

Guinigundo said with the purchase of two superline banknotes printer, the BSP will gradually reduce and eventually stop the outsourcing of Philippine banknotes.

The BSP acquired the new banknotes printers in 2011 and 2012 in the amount of P2.8 billion.

However, the commissioning of the printers takes some time. To date, the two printers are already operational but not yet at full capacity.

At present, the BSP prints the lower denominations of the NGC or the 20-piso and the 50-piso, while the higher bills 100-piso, 200-piso, 500-piso and 1,000-piso are printed by foreign printers.

The printing of NGC notes started in 2012.

The BSP’s printing facility, the Security Plant Complex, prints about 50 percent of the total 2 billion to 2.5 billion banknotes requirements in a year, the rest printed by foreign companies as a “stop gap” temporary measure to meet “surges in currency demand.”


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Pacquiao pleads for Indonesia to spare death row Filipina
    Pacquiao pleads for Indonesia to spare death row Filipina

    World boxing superstar Manny Pacquiao took time out Monday from final preparations for his $400 million megafight with Floyd Mayweather to plead for the life of a Filipina on death row in Indonesia. Pacquiao, a national hero in the Philippines, added his voice to a chorus of global opposition led by United Nations Secretary General Ban Ki-moon to the executions of a group of eight foreign drug convicts, including compatriot Mary Jane Veloso. The eight-division world champion, who will face …

  • Halt Indonesia drug executions until graft claims probed: Australia
    Halt Indonesia drug executions until graft claims probed: Australia

    Australia urged Indonesia Monday to delay the execution of two men for drug offences until a corruption probe into their case is complete, after a report that judges sought tens of thousands of dollars in bribes. "Bali Nine" drug traffickers Myuran Sukumaran and Andrew Chan could face the firing squad within days, along with others from Brazil, Nigeria, the Philippines and an Indonesian prisoner. The Indonesian attorney-general's office said the executions would take place this week but did …

  • FordPH Launches the All-New Mustang
    FordPH Launches the All-New Mustang

    Ford Philippines launched the all-new Mustang in a rock concert held at Bonifacio Global City, Taguig, last week .  The All-New Mustang is the sixth generation since Ford  launched the first model in April 17, 1964. “The all-new Mustang represents the very best of Ford and its arrival marks the latest chapter of the iconic muscle car’s rich legacy, crafted with a more contemporary look and feel.  With a history spanning more than 50 years, this iconic car is at the heart and soul of Ford and …

  • China maritime tensions dominate Southeast Asia summit
    China maritime tensions dominate Southeast Asia summit

    By Manuel Mogato and Praveen Menon KUALA LUMPUR (Reuters) - Southeast Asian leaders edged closer to open criticism of China's land reclamation in the disputed South China Sea at a regional summit on Monday, as the Philippines drew the ire of Beijing which called its objections to the work "unreasonable". The Association of Southeast Asian Nations (ASEAN) Summit in Kuala Lumpur, which was supposed to showcase the 10-member bloc's progress towards economic integration, was overshadowed by the …

  • The ‘All You Need’ 2015 Isuzu D-MAX launched
    The ‘All You Need’ 2015 Isuzu D-MAX launched

    Isuzu Philippines Corporation (IPC) just recently introduced the 2015 Isuzu D-MAX pick-up truck at the Clark International Raceway to show that their pick-up model can conquer any kind of terrain.The high-end LS variant and standard LT 4x4 is now equipped with a more powerful engine, the 4JK1-TC (Hi) 2.5-liter engine which with Common Rail Direct Injection and an intercooled Variable Geometry System (VGS) turbocharger. IPC also introduced a new standard ride variant, the LT-X 4x2 manual …

  • Limited Edition Honda CR-V and Jazz now available
    Limited Edition Honda CR-V and Jazz now available

    If you’ve always wanted to be part of an exclusive group of car owners, now might be the time for you to consider getting a Honda CR-V or Jazz.  Honda Cars Philippines Inc. (HCPI) just came out with their limited edition All New Jazz and New CR-V. …

  • ToyotaPH hit its highest monthly sales last March
    ToyotaPH hit its highest monthly sales last March

    Toyota Motors Philippines hit its highest monthly sales to date last March, registering 10,237 units sold.  This recent CAMPI report puts Toyota’s market share at 43.5% last month. …

  • VolkswagenPH launches Child Safety Initiative
    VolkswagenPH launches Child Safety Initiative

    Volkswagen Philippines just  launched the VW Child Safety Initiative (CSI) campaign which aims to support child safety on Philippine roads at the just concluded Manila International Auto Show (MIAS). The World Health Organization’s road safety facts show about 1.24 million die each year globally as a result of vehicle related accidents. Child restraint systems like child seats and booster seats also reduce risk for children by about 70% for infants and upto 80% for small children. This …


Should Aquino be held accountable over the Mamasapano operations?

Poll Choice Options