BSP ensures collection of old bank notes

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BAGUIO CITY – The BankosentralngPilipinas (BSP)  is optimistic that it will be able to complete collecting old banknotes that were launched thirty years ago and have them replace with the new banknotes that were released and circulated in 2010.

BSP started to urge the public to remit old banknotes in 2015 and have it replaced with the new money bills to protect our currency from being faked. Banks and other big business establishment are the first to respond.

La Union BangkoSentralngPilipinas Director Rogel Del Rosario says that at first people acceptance and compliance with the changing of old money bills were slow. But after conducting thorough information education campaign in almost all remote areas, the BSP now is on target in collecting these thirty year old banknotes before 2016 ends.

According to Del Rosario, as of June 30 2016, BSP records shows that out of the 25 billion old banknotes that were launched and circulated in 1985, only 10.3% of it remained uncollected.

“We don’t have a data as to how much of this uncollected old banknotes remain in the Cordillera region but I believe that CAR share a portion of this more ten percent uncollected. If we still have grandparents and farmers in the region who kept their hard earn money at home for convenient we urge them to go to the nearest bank in their area and have their old money be replace before it loses value” Rosario said.

To collect the remaining old money bills the BSP continuously conducting IEC campaign. Starting January 1, 2017 BSP will no longer replace banknotes that were launched in 1985.

As part of the consumer protection month this coming October Del Rosario said that the people should be vigilant to know our new currency and its security features.

“Knowing our new banknotes from the old one doesn’t need any machine to notice if its genuine or not, we have posted in every bank and government offices IEC materials and they can immediately compare and see the differences” he explained.

On the other note, the BSP is reminding everyone not to write or alter any of the new currency because it will lose its value and that would cost the government to spend for the money instead of other project or program needed.

And to give more efficient and effective service in the Cordillera people, the BangkoSentralngPilipinas will be constructing its new regional office at Loakan Baguio city and it is expected to render service early next year.

Security guard are also soon to be hired and assigned at the said office.

By Dionisio B. Dennis Jr.

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