MANILA -- Commemorative coins minted from 1974 to 1994 are set to be demonetized, the Bangko Sentral ng Pilipinas (BSP) announced Friday.
In a statement, the BSP said that pursuant to a decision by the policy-making Monetary Board, the demonetization process has begun on the "Pilipino”, “Ang Bagong Lipunan", and the "Flora and Fauna" commemorative coin series.
The central bank explained that these coins should have been demonetized, along with other coins of their generation, more than 20 years ago. But since they were not specifically identified by Circular No. 81, issued in 1995, they apparently remained in circulation.
BSP advised the public that these commemorative coins will cease to become legal tender after April 30, 2019. However, they can still be exchanged with the BSP for an equivalent amount from May 1, 2019 to April 30, 2020, it said.
Commemorative coins under the three categories will be considered totally demonetized on May 1, 2020, the BSP added. (BSP PR)
