The Bangko Sentral ng Pilipinas (BSP) on Tuesday said it will start demonetizing the commemorative P100,000 and P2,000 paper bills issued during the administration of then-President Joseph Estrada.
The P100,000 and P2,000 paper bills will lose its value and many no longer be eligible as legal tender starting Aug. 1, 2018.
"The 100,000-piso and 2,000-piso Centennial Commemorative Notes have served their commemorative purpose," the BSP said.
"These banknotes are also part of the New Design Series which have been demonetized," it said.
The BSP demonetized the New Design Series on June 30, in line with the New Central Bank Act which authorized the regulator to replace banknotes that were more than five years old.
"The 100,000-piso and 2,000-piso Centennial Commemorative Notes shall remain legal tender up to 31 July 2018. Thereafter, the notes shall cease to be legal tender," the BSP said.
The notes may then be exchanged with the BSP from August 1, 2018 to July 31, 2019.
"Starting 1 August 2019, 100,000-piso and 2,000-piso Centennial Commemorative Notes that have not been exchanged shall no longer have any monetary value, and are considered demonetized," it said.
According to the BSP, the P100,000 banknote is the biggest legal tender denomination issued in the Philippines, in terms of both value and dimension, measuring 22 centimeters by 33 centimeters.
Only 1,000 pieces of P100,000 banknote were released in 1998 to mark the Philippine centennial celebration.
The P2,000 bill was also issued in 1998, depicting the oath taking of then-President Joseph Ejercito "Erap" Estrada. — Jon Viktor Cabuenas/VDS/TJD, GMA News