According to Bangko Sentral ng Pilipinas, all bills printed in 1985 will be completely demonetized come 2016.
This is in compliance with Section 57 of Republic Act No. 7653 or the New Central Bank Act, the BSP is authorized to replace banknotes that are more than five years old.
Most of our old peso bills have been in circulation for three decades.
Starting January 1, 2016 until December 31, 2016, these old peso bills or banknotes need to be exchanged to allow the New Generation Currency (NGC) to be the sole series of currency circulating in the country.
The BSP says that NGCs are more user-friendly and that their denominations are easily identifiable because of their color and distinct characteristics.
They also cited security features such as the embossed texture on the front and side of each bill to aid visually-impaired people to easily distinguish each denomination.
To protect against counterfeiters, the BSP also made sure to print big numerals corresponding to each denomination on each side of the banknotes.
They also released a helpful inforgraphic to make sure the public is guided accordingly.
Learn more about this through a report by ABS-CBN.
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