SANTIAGO CITY, Isabela — Banking institutions in this city are now accepting for deposits all old bank notes that are circulating in the city as ordered by the Bangko Sentral ng Pilipinas (BSP).
Grace Adina, BPI- Santiago City branch head, said the old bank notes can be deposited or exchanged in their bank in 2016 as she said that in year 2017, the old bank notes will no longer be used.
Adina said the old bank notes ended its value in 2015 and in 2016 the old bank notes can be deposited or exchanged from January to December 2016 in banks and in Bangko Sentral ng Pilipinas offices.
The demonetization of old bank notes was ordered by Bangko Sentral ng Pilipinas and introduced the new bank note series to be used in the country.
The old bank notes series was launched in 1985 while the new bank note series was launched in 2010.
Meanwhile, banking institutions in the city has started informing the public on the old bank notes demonetization through posting of posters in their banks and in public places to ensure that the public will be able to deposit or exchanged to their banks their old bank notes. PNA/northboundasia.com