Old Phils Banknotes To Become Obsolete 2014?

[Old55]

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.

 

ESL error? Most likely the meaning is through 2014?

I agree with Mike don't think they will pull a North Korea on the "old" bills there would be blood in the streets.

[Jake]

I like the newly designed bill, especially this ten billion peso bill:

 

 

Courtesy of Old55 from FaceBook.....he, he.

[Mike S]

Not to hijack the subject but what do we do with our $100 notes when they start recalling the old ones .... I'm sure the Philippine banks won't take them for fear of getting stuck with them and the banks and money changers are going to keep issuing old notes as long as absolutely possible ..... something to start thinking about .... anyone heard when the exchange is going to take place ....

:cheersty:

[JJReyes]

Not to hijack the subject but what do we do with our $100 notes when they start recalling the old ones .... I'm sure the Philippine banks won't take them for fear of getting stuck with them and the banks and money changers are going to keep issuing old notes as long as absolutely possible ..... something to start thinking about .... anyone heard when the exchange is going to take place ....

 

The United States does not demonetize currency. Designs issued 100 years ago are considered legal tender.

[Ruddy_Rooster]

Not to hijack the subject but what do we do with our $100 notes when they start recalling the old ones .... I'm sure the Philippine banks won't take them for fear of getting stuck with them and the banks and money changers are going to keep issuing old notes as long as absolutely possible ..... something to start thinking about .... anyone heard when the exchange is going to take place ....

:cheersty:

UK has plans of changing over to plastic notes in 2016. 

 

It seems the days of having the right to hiding your money under the mattress are coming to an end.

Edited September 15, 2013 by Ruddy_Rooster

[Call me bubba]

Not to hijack the subject but what do we do with our $100 notes when they start recalling the old ones ....

I'm sure the Philippine banks won't take them for fear of getting stuck with them and the banks and money changers are going to keep issuing old notes as long as absolutely possible .

the banks will accept the CURRENT ISSUE ,due to "enhanced security designs?

 in a previous topic on the forum philippines-expats.com it was discussed

regarding the local currency

 they are still PRINTING the old style (has a print date 2013)100 piso bill as it is still being distributed via the ATM

 have not seen any New(old style)20.50 in a while,

perhaps they start at the low end and move up?

 

 regarding the NEW STYLE 1000 . if you try to use it in the BPI express deposit( the ATM that allows you to deposit online)

 sometimes the NEW 1000 will not be accepted. what i mean, is that i had 5 bills, tried to deposit, only 1 was accepted,tried a 2nd tome still only 1 bill was accepted,

 however in the past week, it has accepted all the "NEW"1000 when entered in the "cash deposit". maybe a slight tech issue thats now been"fixed" 

[Call me bubba]

looks like we have a "final"answer??

news update

Old notes valid until December 2015 only — BSP

The Bangko Sentral ng Pilipinas (BSP) said old notes, or those not classified as new generation currencies, are only valid until Dec. 31, 2015.

According to the BSP, the new generation currencies will be the official notes a day after that period.

_
Former BSP-security plant complex chief and assistant governor Manuel Torres told the Daily Tribune that the BSP-SPC is now printing new generation currencies that will replace the old notes.

New generation currencies were released in Dec. 2009, bearing all-new design from P20 to P1,000.

Some critics scored the BSP for alleged “errors” in the currencies.
Among these are the exclusion of Batanes from the Philippine map on the reverse of all denominations; the mislocation of the Puerto Princesa subterranean underground river on the reverse of the P500 bill; the Tubbataha Reef on the P1,000 bill; and the incorrect coloring on the beak and feathers of the blue-naped parrot, also on the P500 bill.
However, former SPC chief and deputy governor Armando Suratos defended the alleged “errors,” saying those that have errors fetched so high in the auction market.
Suratos, deputy governor for 13 years and now a member of the Monetary Board, likened the currencies with simple errors to DC Comics in the US that also have minor errors which commanded high price when it went into auction.
“BSP is already printing only new generation notes.

 

OLD NOTES WILL BE IN CIRCULATION UP To 2015

 

,” Torres told the Tribune from the United States last week.
Last year, the former SPC chief-assistant governor said the SPC will print new generation currencies equivalent to P300 billion.

Since he is no longer the SPC chief, the former assistant governor cannot confirm if the SPC is printing the same amount to replace the old notes.
“I don’t know how many but BSP will continue outsourcing finished notes,” he said.
Several text inquiries to confirm the information were sent to current SPC chief and deputy governor for resource management sector lawyer Vicente Aquino but he didn’t reply.

 

http://www.tribune.net.ph/business/old-notes-valid-until-december-2015-only-bsp

[anthonytt]

We just got our me 100 dollar bill. But I'm not bringing any there just in case they won't exchange it thinking it's Monopoly money. Lol

Sent from my iPhone using Tapatalk

[manofthecoldland]

On 11/6/2013 at 6:24 PM, Call me bubba said:

looks like we have a "final"answer??

news update

Old notes valid until December 2015 only — BSP

The Bangko Sentral ng Pilipinas (BSP) said old notes, or those not classified as new generation currencies, are only valid until Dec. 31, 2015.

According to the BSP, the new generation currencies will be the official notes a day after that period.

_
Former BSP-security plant complex chief and assistant governor Manuel Torres told the Daily Tribune that the BSP-SPC is now printing new generation currencies that will replace the old notes.

New generation currencies were released in Dec. 2009, bearing all-new design from P20 to P1,000.

Some critics scored the BSP for alleged “errors” in the currencies.
Among these are the exclusion of Batanes from the Philippine map on the reverse of all denominations; the mislocation of the Puerto Princesa subterranean underground river on the reverse of the P500 bill; the Tubbataha Reef on the P1,000 bill; and the incorrect coloring on the beak and feathers of the blue-naped parrot, also on the P500 bill.
However, former SPC chief and deputy governor Armando Suratos defended the alleged “errors,” saying those that have errors fetched so high in the auction market.
Suratos, deputy governor for 13 years and now a member of the Monetary Board, likened the currencies with simple errors to DC Comics in the US that also have minor errors which commanded high price when it went into auction.
“BSP is already printing only new generation notes.

 

OLD NOTES WILL BE IN CIRCULATION UP To 2015

 

,” Torres told the Tribune from the United States last week.
Last year, the former SPC chief-assistant governor said the SPC will print new generation currencies equivalent to P300 billion.

Since he is no longer the SPC chief, the former assistant governor cannot confirm if the SPC is printing the same amount to replace the old notes.
“I don’t know how many but BSP will continue outsourcing finished notes,” he said.
Several text inquiries to confirm the information were sent to current SPC chief and deputy governor for resource management sector lawyer Vicente Aquino but he didn’t reply.

 

http://www.tribune.net.ph/business/old-notes-valid-until-december-2015-only-bsp

I am delighted for once, that the oft' inscrutable or erroneous govt. announcements broke in my favor. You see, I had an old P500 in my travel bag that we unwittingly tried to use at Robinson's last month, and were informed that it was no longer valid currency. I had known the change was coming before I left but thought I had cleared out all my old notes. Well, since this one slipped through the cracks, I just thought I'd check on the web to see what the story was. I saw that they had once again extended the redemption period to June or July 2017. Drat..... I missed it by 4 months or so.......... I had thought. I filed the bank note away as a souvenir. 

Today my asawa hears on the radio that the central bank will only be accepting the old notes at their sites until the end of this month. Since we pass one of these bank fortresses every time we go shopping, I gave the Mrs. the note a little while ago,  as she leaves to go shopping, to try her luck with the gate guards to gain access to redeem it. 

Maybe I will get lucky and get my $10 USD worth of pisos back. For once I am happy to see ineptitude working in my favour.

[manofthecoldland]

My wife returned. The gate guard told her that the bank note exchange/ redemption  is good until the 29th. She wan't allowed in though for the transaction because she was wearing shorts. She will return with long pants. I guess the sandals were OK. In retrospect, I told her that she should have just had our friend and service trike driver go in... but he is a simple man and would probably be too shy, she told me. The regional Bangko Sentral  s  are very intimidating, high security edifices.