Demonetization of Old Philippine Coins

Banks/NBQBs must post the attached “Notice to the Public” regarding the demonetization of the old coins.
The posting must be in conspicuous places in all branches/offices.
Banks/NBQBs must allow exchange of the old coins during the exchange period stated in the public notice.
The circular letter is designed to ensure highest level of public awareness.

Old coins issued by the defunct Central Bank of the Philippines may still be exchanged for one (1) year beginning January 2, 1997.
Old coins may be exchanged with the Bangko Sentral ng Pilipinas, its branches, and any bank.
The exchange period runs until January 2, 1998.
Exchanges must be made at par and without charge during the applicable lawful exchange period stated under Section 57 of Republic Act No. 7653.

Section 57 of Republic Act No. 7653 (The New Central Bank Act) governs the replacement and demonetization of notes and coins called in for replacement.
Notes and coins called in for replacement remain legal tender for one (1) year from the date of call.
After the one-year legal-tender period, notes and coins may be exchanged at par and without charge in the Bangko Sentral and by agents duly authorized by the Bangko Sentral for the following year, or for such longer period as the Monetary Board may determine.
After expiration of the latter exchange period, notes and coins that have not been exchanged cease to be a liability of the Bangko Sentral and are demonetized.

The Bangko Sentral ng Pilipinas announced the phase-out of the old coins in September 1994 and announced the issuance of a new set of coins.
The September 1994 announcement was published in almost all newspapers of general circulation.
Consultative meetings with representatives of various organizations were conducted in September 1994.
The BSP Cash Department conducted lectures and seminars among bank tellers and cashiers nationwide in September 1994.
Additional announcements were made in January and February 1995 in all newspapers.
Full-page advertisements explaining the retirement of the old coins and their replacement with the new BSP coins were placed in four leading newspapers on October 23, 1996.
The circular letter clarifies that, contrary to perceptions, old coins may still be exchanged until January 2, 1998 at par and without charge with the Bangko Sentral ng Pilipinas, its branches, and with all banks.

The circular letter states that the new coins may be distinguished easily from the old coins by the presence of the BSP logo on the coins.
The new coins have the new logo of the Bangko Sentral ng Pilipinas.
The exception is the 5-centavo, which has a hole in the middle.
The determination of distinction is tied to the visible BSP logo on the coins.