If you have this Centennial Commemorative Note - Php100,000 and Php2,000 paper bills, given during the Estrada Administration, the Bangko Sentral ng Pilipinas (BSP) announced that they have until August 1 to have to exchange before it will 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, in authorized agent banks (AABs) and at BSP offices until 1 August 2019," the Sentral Bank stated in a statement.
"All Centennial Commemorative Notes that have not been exchanged shall be considered demonetized starting August 2, 2019, under BSP Circular No.937," the BSP added.
The announcement 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.
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