PIA Press Release
Saturday, January 21, 2012
Bangko Sentral appeals to public to help circulate new generation series billby Jocelyn P. Alvarez
ZAMBOANGA CITY, Jan. 21 (PIA) -- Bangko Sentral ng Pilipinas (BSP) here appeals to the public to help in the circulation of the new generation series bill by using and spending it.
BSP Zamboanga City Branch Head Melodino Patiño said “we ask the public to help circulate the new generation currencies by spending it.”
He said, BSP will continuously increase the number of new generation series bills distributed in banks.
He said the “new money” with denominations of P20, P50, P100, P200, P500 and P1,000 are now out in the banks and people may start to bring in and change their “old bills” and change it for the “new ones” with their depository banks.
Patiño said the public still has up to 2013 to use the old currencies before it loses its capacity as legal tender.
By 2014, it is expected that the new generation series is in full circulation and that everyone is already using it.
The branch head said, as of this time, the currency ratio is 80 percent old and 20 percent new as far as usage and circulation is concern. (JPA/PIA ZBST)