QuestionsQuestions (BSP CIRCULAR LETTER)
It enjoins banks/NBQBs to post a “Notice to the Public” in conspicuous places so the public will be properly informed about the demonetization/exchange of old coins issued by the defunct Central Bank of the Philippines.
Banks and NBQBs (e.g., rural banks/other banking entities covered by the directive) are enjoined to post the notice in conspicuous places in all their branches/offices.
Old coins may still be exchanged for a period of one (1) year beginning January 2, 1997, and up to January 2, 1998.
They may be exchanged with the Bangko Sentral ng Pilipinas, its branches, and with any bank until January 2, 1998.
Section 57 of RA 7653.
They remain legal tender for one (1) year from the date of call.
During the following year (or such longer period as the Monetary Board may determine), they may be exchanged at par and without charge in the BSP and by agents duly authorized by the BSP.
After the expiration of the second period (the following year or longer period determined by the Monetary Board), any notes and coins not exchanged cease to be a liability of the BSP and are demonetized.
It clarifies that, contrary to perceptions, the old coins may still be exchanged until January 2, 1998 at par and without charge with the BSP, its branches, and all banks.
They may be exchanged at par and without charge.
In September 1994, BSP announced the phase-out and issuance of a new set of coins, published the announcement in newspapers, conducted consultative meetings with representatives of various organizations, and conducted lectures/seminars for bank tellers and cashiers.
Several announcements were made in all newspapers of general circulation.
Full-page ads were placed in four leading newspapers explaining the retirement of the old coins and their replacement with the new BSP coins.
Except for the 5-centavo, which has a hole in the middle, all other denominations have the new Bangko Sentral ng Pilipinas logo.
The 5-centavo has a hole in the middle.
It is the deadline until which old coins may still be exchanged at par and without charge.