Demonetization of the OLD BANKNOTE SERIES
(known as NDS Banknotes)
The Bangko Sentral ng Pilipinas started the demonetization process of the old banknote series on 01 January 2015, under Monetary Board Resolution No. 1939. Under the program, the BSP will gradually cease circulating the old series of banknotes, which has been around since 1985. Replacing it will be the new banknote series, launched in 2010, which has been circulating alongside it.