Since 2015, the Bangko Sentral ng Pilipinas (BSP) have posted demonetization schedule of ‘old’ money which was launched in 1985 in Banks, Schools and even in Malls to ensure that people will be aware that the ‘old’ money should all be returned to the bank before the deadline which was on January 1, 2017.
They further extended the final deadline of exchanging ‘old’ bills to ‘new’ ones on June 30, 2017 because of requests from the public. After this deadline, the old currency will be demonetized and will have zero value. This means that even if they are considered real money in the past, they will only be papers with decorations and a remembrance of the past.
The BSP, through its Governor, Amando M. Tetangco, Jr. have repeteadly announced that they will no longer extend the deadline.
As of July 1, 2017, the old currency series is nothing else but decorated paper. Do you happen to still keep some of these bills? We’ll you should just keep it as a remembrance because it will no longer be accepted by banks.
But, would the BSP change its recent strict ruling when the reason for not being able to exchange the money is the owner forgot because of old age?
A family recently asked for advice from netizens after they discovered a stash of money totalling PHP 95,000 in bills form the old series.
According to the person who posted the photos, after their house was flooded, the family cleaned up their house and they discovered the old man’s savings.
When they saw that it was in the old currency signed by former President Benigno Simeon Aquino III, the family went to local banks in an effort of exchanging the bills but were disappointed when the banks refused to exchange the bills because of the demonetization set by the BSP and advised them to directly go to the BSP office.
They were also told that they should not keep their hopes up because the BSP has repeatedly announced their last and final deadline.
We can surely empathize with the family’s situation seeing that the deadline was just 3 months ago. After all PHP 95,000 is already a huge amount of money!
“Pera na, naging bato pa”
Source: Definitely Filipino Buzz