Question & AnswerQ&A (BSP CIRCULAR LETTER)
The subject is the acceptance of old Central Bank coins for replacement or exchange pursuant to BSP Circular No. 81, series of 1995.
Banks are required to accept the old coins for exchange or replacement up to January 2, 1998.
The purpose is for the public to exchange or replace old Central Bank coins with new BSP coins or banknotes.
No, banks are advised to desist from releasing, reissuing, or recirculating the old CB coins accepted for exchange or deposit to ensure their expeditious withdrawal from circulation.
It is the cutoff date for banks to accept old Central Bank coins for exchange or replacement.
The Bangko Sentral ng Pilipinas (BSP) regulates it.
They are presumably demonetized and removed from circulation permanently.
It relates to the initial guidelines on the acceptance of old Central Bank coins for replacement or exchange.
The circular does not explicitly mention penalties but emphasizes strict implementation, implying serious attention to compliance.