The Philippine Embassy in Singapore ramped up its efforts in informing the public on the demonetization of the old Philippine banknote series, which came into effect on January 01.

The Embassy's move seeks to protect the public from unscrupulous moneychangers in Singapore that have been issuing demonetized Philippine Peso banknotes. Demonetized bank notes are bank notes that no longer have any monetary value.

The Philippine Embassy is closely coordinating with the Monetary Authority of Singapore, which has supervision over these moneychangers in the country.

The Embassy continues to urge the public, including Singaporeans and expatriates who are planning to visit the Philippines to refer to the Central Bank of the Philippines' (Bangko Sentral ng Pilipinas) reminder regarding the demonetization of old banknotes.

According to the Bangko Sentral's advisory, only the new banknote series should be issued. Since the effectivity of the demonetization, the old banknote series is no longer being accepted by any establishment in the Philippines for daily transactions.

For similar complaints, please do not hesitate to inform the Embassy through 6737 3977 (extension 117) or 9072 2797. The public may also e-mail the Embassy at singapore.pe@dfa.gov.ph or php@philembassysg.org. END

Source: Republic of Philippines Department Of Foreign Affairs