Old Phils Banknotes To Become Obsolete 2014?

[Ruddy_Rooster]

Not sure if I'm asking in the correct place so please feel free to move if necessary.

 

Not been to Phils for a few years now so was totally unaware of the new banknotes issued 2010?.  I still have a few thousand pesos from my last trip in 2009 which I've just read elsewhere will no longer be legal tender next year.  Is this correct?

 

If correct, are money exchangers still accepting these banknotes in UK?  Not that there's many options where I live, I couldn't previously buy pesos here.  Any other ways of offloading them, like using them as part payment for money transfer to Phils via WU?

[Jollygoodfellow]

Yes it is correct the new peso notes will be the only currency that can be used soon. http://www.abs-cbnnews.com/business/09/20/11/old-peso-bills-demonetized-2014

 

I have the same problem but keep forgetting to do anything about it but I would think all money changers should accept the old currency as it is still in use.

[Americano]

2014 is almost here so doesn't look like the government is going to meet their goal of having all new money by then.  Most of the money I see in circulation is the old money.

[Call me bubba]

If correct, are money exchangers still accepting these banknotes in UK?

Not that there's many options where I live, I couldn't previously buy pesos here.

1. how much do you have? under 5k? 10? 100k?

 

2.have you considered "selling" them to a local Filipino?

3.money changers when they know that a certain currency will no longer be "VALID" will either not accept or give a lower rate.

 4,When you return, a larger BANK if you are a "valued"customer usually will "assist" you in changing the OLD currency

 

Any other ways of offloading them, like using them as part payment for money transfer to Phils via WU?

 

NO NO NO . :o

you can only use the currency of the country that you live in to send .  if your in the UK and have X amount of pesos, they will NOT allow a TRANSFER of PESOS from the UK to send to Philippines.

must be all in the HOME (senders) currency, even at the BPI UK/euro they would NOT ALLOW pesos to be sent,

 they would allow Pound/Euro to be sent , then converted into PESOS or Pound/Euro to be picked up.

[Ruddy_Rooster]

Hehe, I did realise the probability of the WU transfer question was highly likely to be a dumb question but it did kind of justify posting my initial query in this section (I really didn't know the best place to post).

 

Unfortunately there's no Filipino community here so that's not really an option.

 

Anyhow, the amount is under P5k so I wont lose sleep over it.  It does seem a pity that it's an amount which could help a certain Filipina friend out a bit with Christmas coming up, perhaps I'll make an attempt to snail mail it, if it arrives it's a bonus, if not sobeit.

 

Edit to add - As an afterthought, I'd also consider forwarding these pesos to any worthwhile charity (within the UK) which predominantly helps Filipinos in need, if any exist?

Edited September 13, 2013 by Ruddy_Rooster

[MikeB]

2014 is almost here so doesn't look like the government is going to meet their goal of having all new money by then.  Most of the money I see in circulation is the old money.

The article says end of 2014, meaning 2015. If they want to get the old currency out of circulation the banks and ATMs need to stop issuing it. Probably won't happen.

[Ruddy_Rooster]

How confusing.  They could be good for another year or they could be useless.

 

I'm just thankful to know I need new notes on my next visit.  The thought of having invalid currency with my suitcase safely tucked up in the back of a cab, trying to correct an unfortunate situation, kind of horrified me.

 

I hope this issue is made fully aware at the appropriate time.  I easily went 3 years without knowing, I'm not alone.

[JJReyes]

The article says end of 2014, meaning 2015. If they want to get the old currency out of circulation the banks and ATMs need to stop issuing it. Probably won't happen.

 

Banknotes deteriorate rapidly. Think of all the fish vendors making transactions with their wet, slimy hands. Banknotes in circulation are replaced about every two years. When new designs are introduced, the older design are not immediately withdrawn. The old ones remain in circulation, sometimes for many years or until they are demonetized.

 

I believe the United States is the only country in the world that does not demonetized its currency designs. It has something to do with the Bretton Woods agreement making the greenback the standard. Someone in the Middle East hiding greenbacks under his mattress is assured the US paper currency is still in circulation. The other world standard for the exchange of goods is gold.   

[Americano]

The article title: Old peso bills demonetized by 2014

 

And the first sentence:  MANILA, Philippines – Philippine peso bills bearing the old design will be demonetized by 2014.

 

Both said by 2014, which means when 2014 starts not at the end of 2014.

 

And then the second sentence says:  "Pag-dating ng end ng 2014"  which I guess means the end of 2014 so which one is correct?

 

Sentence number 6 says: "By 2013, 75% of money in circulation will be of new design."  Which clearly did not happen.

 

Just more poor reporting with conflicting information.

[JJReyes]

The Bangko Sentral ng Pilipinas can also extend the deadline.