The Bangko Sentral ng Pilipinas (BSP) will release the first batch of the New Generation Currency (NGC) banknote series with the signature of President  Rodrigo Duterte this week.

3 Fast Facts About The New Banknotes With President Duterte's Signature:

 

1. The issuance of the new banknotes bearing the President's signature is based on RA 7653 or The New Central Bank Act.

 

The basis of the new banknote series issuance is Section 53, Chapter II of Republic Act (RA) 7653 or The New Central Bank Act. It says, “Said notes shall bear the signatures, in facsimile, of the President of the Philippines and of the Governor of the Bangko Sentral.”

Furthermore, Section 57 of Chapter II says, "The Bangko Sentral may call in for replacement notes of any series or denomination which are more than five (5) years old and coins which are more than (10) years old.  The old banknote series or the New Design Series (NDS), which were launched in 1985, more than 30 years ago shall be demonetized come Jan. 1, 2017.

2. The old banknote series' deadline to exchange is until Dec. 31.

The NDS can still be exchanged in authorized agent banks (AABs) and at the BSP-Cash Department or any of Regional Offices and Branches of the BSP until Dec. 31. The old banknote series can be exchanged at face value and free of charge.

Meanwhile, the deadline to exchange the NDS is extended until March 31, 2017, for authorized agent banks, offices of municipal, city and provincial treasuries, clerks of courts and law enforcement agencies and overseas Filipinos (OFWs) provided they register to the BSP website until the end of  2016. OFWs who are in countries affected by wars can still exchange their NDS until Dec. 31, 2017, without further registration of the banknotes.

3.  BSP encourages the public to regularly use the coins in payment of goods and services.

BSP campaigns through National Coin Recirculation Program to make all sectors of society realize fully the importance of coins and develop the habit of regularly using them in the payment of goods and services and in giving exact change. 

Meanwhile, BSP also encourages the public to exchange with banks any unfit coins with them. A coin which is bent, twisted, out of shape, defaced or show signs of corrosion is considered unfit for circulation.

What do you think of the  BSP's new banknotes with President Rodrigo Duterte's signature? Let us know in the comments section below.