BSP to demonetize P100K, P2K commemorative notes

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has started the demonetization process of the P100,000 and P2,000 centennial commemorative bills after successfully retiring the old banknotes last June.

The commemorative banknotes were issued during the country’s centennial celebration in 1998.

The P100,000 Centennial Commemorative Note is the biggest legal tender denomination issued by the BSP, both in terms of face value and dimension, measuring 22cm by 33cm.

The BSP issued 1,000 pieces of P100,000 bills featuring the glorious and triumphant scene of the proclamation of the Philippine independence by General Emilio Aguinaldo on June 12, 1898 and the “Sigaw ng Himagsikan.”

The P2,000 banknote was also issued in 1998 depicting the oath-taking of then president Joseph Estrada and the re-enactment of the declaration of independence by former president Fidel Ramos.

The BSP issues commemorative banknotes to honor an event of historic significance to the country. Usually, these are in limited volume, set apart from the banknotes intended for circulation and overprinted with an emblem or text descriptive of the theme or occasion being celebrated.

Numismatists or currency collectors often preserve commemorative or limited-release banknotes and coins for their numismatic value.

The BSP said the demonetization process of both commemorative bills is in line with the provisions of Section 57 of Republic Act 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old.

The central bank said the centennial commemorative notes would remain legal tender until July 31 next year.

“Thereafter, the said banknotes shall cease to be legal tender,” the BSP said.

According to the BSP, the P100,000 and P2,000 centennial commemorative bills could still be exchanged with authorized agent banks and the BSP at par with the new generation currency (NGC) banknotes at full face value and without charge starting August 2018 and July 2019.

Both banknotes, the BSP added, would lose their monetary values and would be considered demonetized on Aug. 1, 2019.

Last July 1, the new design series (NDS) banknotes launched in 1985 were demonetized. The old banknotes denominated in P5, P10, P20, P50, P100, P200, P500, and P1,000.

The NGC bills launched in 2010 replaced the demonetized NDS banknotes.