The Bangko Sentral ng Pilipinas (BSP) announced today the start of the demonetization process of the 100,000-Piso and 2,000-Piso Centennial Commemorative Notes. This move 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 5 years old. The centennial commemorative banknotes were issued in 1998.
Commemorative banknotes are being issued by the BSP to honor an event of historic significance to the country. These are in limited volume, set apart from the banknotes intended for circulation and overprinted with an emblem or text descriptive of the theme or occasion being celebrated. Numismatists or currency collectors often preserve commemorative or limited release banknotes and coins for their numismatic value.
The 100,000-piso Centennial Commemorative Note is the biggest legal tender denomination issued by the BSP, both in terms of face value and dimension, measuring 22cm by 33cm. There were only 1,000 pieces of this commemorative legal tender issued on the occasion of the 1998 Philippine Centennial Year. The said banknote featured the glorious and triumphant scene of the Proclamation of the Philippine Independence by General Emilio Aguinaldo on 12 June 1898 and the Sigaw ng Himagsikan. Also issued in 1998 was the 2,000-Piso Centennial Commemorative Note which depicted the oath-taking of then President Joseph E. Estrada and the re-enactment of the declaration of independence by President Fidel V. Ramos.
The public is advised of the following important information:
1. The 100,000-Piso and 2,000-Piso Centennial Commemorative Notes shall remain legal tender up to 31 July 2018. Thereafter, the said banknotes shall cease to be legal tender;
2. From 1 August 2018 to 31 July 2019, the 100,000-Piso and 2,000-Piso Centennial Commemorative Notes may be exchanged with authorized agent banks and the BSP at par with the New Generation Currency (NGC) banknotes at full face value in the holders' desired denominations, and without charge; and
3. Starting 1 August 2019, 100,000-Piso and 2,000-Piso Centennial Commemorative Notes that have not been exchanged shall be considered demonetized.
The 100,000-Piso and 2,000-Piso Centennial Commemorative Notes have served their commemorative purpose. These banknotes are also part of the New Design Series which have been demonetized. Nonetheless, holders of Centennial Commemorative Notes may opt to keep these banknotes for their numismatic value.
Source: Bangko Sentral ng Pilipinas (BSP)