BSP to demonetize old commemorative coins by April 2019
The Bangko Sentral ng Pilipinas announced today the start of the demonetization process of several commemorative coin sets that were minted from the mid-1970s to the 1990s, as it urged the public to exchange these old coins for new ones.
In a press statement, the central bank said the “Pilipino,” “Ang Bagong Lipunan (ABL)” and “Flora and Fauna” coin series would cease to become legal tender until April 30, 2019.
The decision was made during the recent meeting of the policy making Monetary Board.
These commemorative coins were minted on various dates from 1974 to 1994 and were sold in sets.
By virtue of Circular No. 81 dated July 28, 1995 the coin series of which these coins were part of were demonetized and ceased to be a liability of the BSP after January 2, 1998.
The above-mentioned coins, either individually packed or included in sets, were, however, not specifically mentioned in the said circular and thus not included in the original call for demonetization.
The central bank notified the public that the commemorative “Pilipino,” “ABL” and “Flora and Fauna” coins in sets and in individual packaging shall remain legal tender up to April 30, 2019 only.
“Thereafter, the said coins shall cease to be legal tender,” the BSP said.
From May 1, 2019 to April 30, 2020, the commemorative “Pilipino,” “ABL” and “Flora and Fauna” coins in sets and in individual packaging may be exchanged with the BSP for an amount equivalent to the face value.
Starting May 1, 2020, the commemorative “Pilipino,” “ABL” and “Flora and Fauna” coins in sets and in individual packaging shall be considered demonetized.
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