TAGBILARAN CITY, Bohol, June 30 (PIA)--As the Bangko Sentral ng Pilipinas (BSP) prepares to withdraw the value of older paper bills on circulation since 1985, it might be good to know which among the paper bills you are holding now will lose their trade value by 2016.
Withdrawing the monetary value of a legal tender currency, or demonitization, is due for the 1985 circulated New Design Series (NDS), according to Atty. Leonides Sumbi, Acting BSP Central Visayas Director.
The trick, Hazel Arante, BSP information officer shared, is to look for the serial numbers.
The old banknote set for demonitization by January 1 2016 are those with serial numbers composed of 1-2 prefix letters and six to seven digits which are printed uniform in size. When you have this, go to your bank and have it changed, because, by January 1, 2016, it won't be accepted as legal tender in the streets, she pointed out.
On the other hand, if the serial number composed of the same alpha numeric combination are printed in a neat progression of size, that bill is of the new generation currency and would be in circulation replacing the old currency, she continued.
That is the easiest way to determine which is which among the two series, Arante, confidently pointed out while sitting with her director at Kapihan.
Other than that, more subtle hints to look for is that the new generation currency sports the new BSP logo, which, unlike the old one which feature a seal with a Philippine flag, the NGC has the head of the Philippine eagle.
And while the older bank notes have significant events in Philippine history, iconic buildings and heritage sites, the new generation currency features iconic natural wonders and species that can be found in the country found on the reverse side, according to BSP.
Moreover, the new currency uses tow levels of security features to ensure that the public can easily identify when getting a counterfeit.
First level security features include watermark, security thread and security fibers, embossed prints, serial numbers, see-through mark, concealed value, optically variable ink and optically variable device patch, BSP hinted.
Second level security feature on the other hand include micro-printing and fluorescent features.
With the sole power and authority to issue currency resting under them, the BSP maintains the integrity of the currency and calls for the replacement of the 1985 circulated bills to prevent counterfeiting, and reduce the design series of notes in circulation for simplification, Arante added at the recent Kapihan sa PIA. (rachiu/PIA-7/Bohol)