BSP: Owners may exchange P100,000 and P2,000 bills ‘at face value’ until Aug. 1, 2019

The Bangko Sentral ng Pilipinas (BSP) on Friday said those who still have commemorative P100,000 and P2,000 paper bills issued during the administration of then-President Joseph Estrada that they have until August 1 to have to exchange their banknotes.

In a statement, the BSP said The P100,000 and P2,000 Centennial Commemorative Notes are no longer acceptable as payment for any transaction.

“These notes could be exchanged, however, for New Generation Currency (NGC) banknotes at face value, free of charge, at authorized agent banks and at BSP offices until 1 August 2019,” the central bank said.

Centennial Commemorative Notes that have not been exchanged will be demonetized starting Aug. 2, 2019, under BSP Circular No. 937.

“The demonetization of the said banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old such as these Centennial Commemorative Notes which were issued in 1998,” the central bank said.

‘Numismatic value’

“These Centennial Commemorative Notes which are also part of the demonetized New Design Series banknotes have already served their commemorative purpose,” it said.

Holders of the banknotes may opt to keep the commemorative paper money for their “numismatic value,” the central bank noted. —Ted Cordero/VDS, GMA News