January 10, 2017 12:33 AM
BACOLOD City – A batch of P1,000 and P500 bills bearing the signature of President Rodrigo Duterte is now circulating in Negros Occidental.
Job Nepomuceno, deputy director of Bangko Sentral ng Pilipinas (BSP) BSP-Bacolod Branch, said they already distributed the P500 bills to a number of banks in the province last Jan. 6, 2017 after receiving them in late December 2016.
He said they will soon distribute the P1,000 bills.
Nepomuceno said the denominations with the signature of President Duterte are still in limited volume and they expect more batches to arrive soon.
He added that since the deadline for the replacement of old bank notes has been extended to March 31 this year, Negrenses can still exchange and replace their old bills within three months.
Beginning April 1, old banknotes or the New Denomination Series (NDS) will already be demonetized, which means these currency bills will have no more monetary value and legal tender power after that date.
Old banknote holders may exchange their bills with the government depository banks, BSP, and other banks.
Launched in 1985, the Old Banknote Series, consist of 5, 10, 20, 50, 100, 200, 500, and 1,000 peso bills which have been used for transaction until December 2015.
On the other hand, the New Banknote Series, or the New Generation Currency Bills have been in circulation since December 2010. (PNA)