The Bangko Sentral ng Pilipinas (BSP) yesterday conducted a seminar regarding the new generation currency at their Headquarters in Manila. It was attended by both banking and business sectors that directly handles cash. The following points were discussed which may help you understand more regarding the New Generation Currency.
- The correct term for the new bills is New Generation Currency or NGC
- BSP advised that said bills are not souvenirs and should be used to help in circulating the money because this helps in the awareness of our new bills.
- BSP is currently having more information materials being issued to the public for awareness of said bills as well as its new security features.
- BSP will still issue the old bills and will take three (3) years to demonetize it. BSP will be continuing to update us when is the exact date of phasing it out of circulation.
- All denominations was slated to be issued to the public last December but BSP explained that shipment coming from Europe, where the initial printing of the new bills were made, was affected by snowstorms up until January of this year.
- The NGC is basically has the same size, color and weight of the old bills so there will be no issue in using it in loading in our Automated Teller Machines.