MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday, May 18, announced that the commemorative coins issued on various dates from 1974 to 1994 would be demonetized.
BSP said the Monetary Board decided to demonetize the commemorative Pilipino, Ang Bagong Lipunan, and Flora and Fauna coins, which were sold in sets.
"By virtue of Circular No. 81 dated 28 July 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 central bank’s statement read.
The BSP said the commemorative coins will remain legal tender (mode of payment) up to April 30, 2019.
These limited edition coins can be exchanged with the BSP for an amount equivalent to the face value from May 1, 2019, to April 30, 2020.
"Starting May 1, 2020, the commemorative Pilipino, ABL, and Flora and Fauna coins in sets and in individual packaging shall be considered demonetized," BSP announced.
The central bank said these coins, be it individually packed or included in sets, were excluded from the original call for demonetization, as these were not specifically mentioned in the said circular.
Commemorative banknotes are issued by the BSP to honor an event of historic significance to the country, the Philippines' central bank explained.
These are in limited volume, set apart from the banknotes intended for circulation and overprinted with an emblem or text descriptive of the theme or occasion being celebrated. – Rappler.com