The Bangko Sentral ng Pilipinas (BSP) reminds the public that the 100,000-Piso and 2,000-Piso Centennial Commemorative Notes are no longer acceptable as payment for any transaction. These notes could be exchanged, however, for New Generation Currency (NGC) banknotes at face value, free of charge, in authorized agent banks (AABs) and at BSP offices until 1 August 2019. Pursuant to BSP Circular No. 937 dated 18 September 2017, all Centennial Commemorative Notes that have not been exchanged shall be considered demonetized starting 2 August 2019.
The demonetization of the said banknotes is in line with the provisions of Section 57 of Republic Act No. 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old such as these Centennial Commemorative Notes which were issued in 1998.
These Centennial Commemorative Notes which are also part of the demonetized New Design Series banknotes have already served their commemorative purpose. Nonetheless, holders of said banknotes may opt to keep these commemorative notes for their numismatic value.
Source: Bangko Sentral ng Pilipinas (BSP)