Rare P100,000 and P2,000 bills to be demonetized – BSP

Image by BSP

Some of us didn’t even know such bills existed.

“Starting 1 August 2019, 100,000-piso and 2,000-piso Centennial Commemorative Notes that have not been exchanged shall no longer have any monetary value, and are considered demonetized,” the Bangko Sentral ng Pilipinas (BSP) said.

The BSP said on Tuesday that it will start demonetizing the commemorative P100,000 and P2,000 paper bills that were issued during the ‘Erap’ Estrada administration.

“These banknotes are also part of the New Design Series which have been demonetized,” BSP said.

More than a month ago, the BSP demonetized the New Design Series in line with the New Central Bank Act which authorized the regulator to replace banknotes that were more than five years old.

BSP said: “The 100,000-piso and 2,000-piso Centennial Commemorative Notes shall remain legal tender up to 31 July 2018. Thereafter, the notes shall cease to be legal tender.”

After July 31, 2018, the notes may then be exchanged with the BSP from August 1, 2018 up to July 31, 2019 only.

The P100,000 banknote is the biggest legal tender denomination issued in the Philippines, not only in terms of value, but also in dimension; measuring 22 centimeters by 33 centimeters.

In 1998, only 1,000 pieces of the Php100,000 banknote were released to mark the Philippine centennial celebration.

Depicting the oath taking of former-President Joseph Ejercito “Erap” Estrada, the P2,000 bill was also issued in 1998.

The BSP said: “The 100,000-piso and 2,000-piso Centennial Commemorative Notes have served their commemorative purpose.”