“Pera na, naging bato pa.”
Since 2015, the Bangko Sentral ng Pilipinas (BSP) had made steps to ensure that the ‘old’ money series launched in 1985 will be returned by the public as these would soon have zero value. The demonetization was scheduled last January 1, 2017 but the deadline had been extended several times due to public clamor.
But the BSP announced that the final deadline extension to exchange bills to the new series would be on June 30, 2017; after that, all the older currencies will be demonetized and will have zero value. This means that even if they were real money in the past, they would not nothing but decorated or printed paper after the deadline.
BSP Governor Amando Tetangco, Jr. also said that the BSP will no longer extend its deadline. This means that as of July 1, 2017, the old money series is nothing but paper. Do you still have some of these bills? Well, there’s nothing you can do about them now because the banks and BSP will no longer accept the money.
But would the BSP change its mind if the reason why the money was not exchanged was because the owner forgot about it due to old age?
A family recently asked for advice from netizens over what they should do after discovering a stash of money totalling Php95,000 in bills from the old series. The person who shared the story revealed that their dad has been forgetful and must have forgotten about his stash of money for the rainy days.
After a rather literal ‘rainy day’ wherein their house was flooded in, the family cleaned up the entire home and discovered the old man’s savings stash. Upon seeing that this was in ‘old’ bills signed by former Pres. Benigno Aquino III, the family went to local banks to exchange the stash but were told that the money has no value but they could try at the BSP office.
But they were told not to keep their hopes up because of the BSP’s decision not to extend the deadline.
Seeing that the ‘last and final’ deadline extension had been just been 3 months ago, we can easily empathize with the family for their situation – after all, Php95,000 is already a huge amount of money!
Should the BSP exchange this forgetful old man’s stash of ‘old’ money?