The Central Bank of the Philippines (BSP) reminds the public that 100,000-Piso and 2,000-Piso Centennial Commemorative Notes can no longer be accepted as payment for any transaction. However, these funds may still be substituted for New Generation Currency (NGC) paper money at the same amount at no charge to authorized bank agents and any BSP offices until August 1, 2019. In accordance with BSP Circular No. 937 signed on September 18, 2017, all Centennial Commemorative Notes that are not converted to the due date will be demonetized starting 2nd August 2019.
The demonetization of such paper money is subject to the provisions of Section 57 of Republic Act No. 7653, known as the New Central Bank Act, which allows BSP to replace paper money over five years old such as the Centennial Commemorative Notes issued in 1998.
These Centennial Commemorative Notes, which are part of the New Design Series's paper money, have also fulfilled their purpose of commemoration. However, owners of such paper money may keep them in their possession for the numismatic value
Source: Bangko Sentral ng Pilipinas (BSP)