Press Release
PR-114-2015
03 September 2015
Reminder on Demonetization of Old Banknotes
(Riyadh, 03 September 2015) – The Philippine Embassy wishes to remind all Filipinos in the Kingdom who are in possession of old Philippine Banknotes of the following dates:
- 31 December 2015 - Last day where old banknotes may be used for commercial transactions in the Philippines;
- 01 January to 31 December 2016 - Old banknotes may be exchanged for new banknotes only at banks in the Philippines and branches of Bangko Sentral ng Pilipinas (BSP). Exchange is at face value and free of charge;
- 01 October to 31 December 2016 – Online registration for Filipinos overseas to allow exchange of old banknotes one (1) year from date of registration. BSP to advise public of the web link;
- 01 January 2017 – Demonetization of old banknotes.
The Embassy does not have facility for exchange of the old banknotes.
Below is a graphic from BSP on the demonetization schedule. END
