January-November period BSP: Peso bill shipments for Cebu reached P21.6B

CEBU, Philippines – Shipments of peso bills received by the Bangko Sentral ng Pilipinas-Cebu Regional Office from January to November 2015 totaled P21.554 billion, official data showed.

Data obtained by The FREEMAN from BSP-Cebu Cash Department showed that in terms of pieces, it received a total of 163.95 million bank notes in all denominations (from P20 to P1000) as of Nov. 30.

In an interview, BSP-Cebu Director Lawyer Leonides Sumbi revealed that of all provinces outside Metro Manila, Cebu receives the bigger supply of currency.

"It's because of the many banks that we have, commercial activities as well as we have many consumers," Sumbi explained.

The data also indicated that BSP-Cebu released a total of 79.882 million pieces of new peso bills known as the New Generation Currency (NGC) to the banks it serves during the 11-month period.

BSP-Cebu mainly serves the banks in provinces of Cebu and Bohol. BSP has a branch in Dumaguete City, which serves Negros Oriental and Siquijor.

Deposited old bills

A total of 26.222 million pieces worth P9.819 billion of old bills known as the New Design Series (NDS) in various denominations were deposited to BSP-Cebu in the 11 months of the year ending November.

People have barely 24 days left to use the old bank notes to buy goods and services as they are considered legal tender until the end of this month only.

Sumbi said they expect more NDS bills to be turned over to BSP this month.

The central bank started in January this year the demonetization of the old bills, where were introduced 30 years ago, to remove the currency's monetary value.

They are now being replaced by NGC series which was launched in 2010. (FREEMAN)