CEBU, Philippines – Most of the old peso bills still in circulation are likely held by people in the remote areas and some by Filipinos working abroad, an official said.
Bangko Sentral ng Pilipinas-Cebu Regional Director Leonides Sumbi said that it's likely that those living in remote areas are still holding on to their old peso bills.
Earlier reports quoted the central bank as saying that there are still 414,647,339 pieces of old banknotes – the New Design Series – worth P61.4 billion still in circulation.
That represents about 14.60% of the total peso bills in circulation.
In an interview with reporters yesterday, Sumbi reiterated the call to those who still possess the old banknotes to have them exchanged with new ones, although they have until the end of this month to use them as legal tender.
The official noted no establishments in Cebu have so far asked the BSP to extend the deadline.
People have barely seven days left to use the old banknotes to buy goods and services.
However, the public is given until December 31, 2016 to exchange old bills with new ones – known as the New Generation Currency – in banks and BSP.
Sumbi stressed that banks accommodate non-clients who want to exchange their old bills.
She, however, understands that banks would prioritize first their clients or depositors.
The central bank started in January this year the demonetization of the old peso bills, which 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)