20 Peso Bill Legal Tender

22 Sep 20 Peso Bill Legal Tender

According to the BSP, the first batch of plastic banknotes represents 0.7% of the estimated combined number of paper and polymer banknotes of 1,000 pesos currently in circulation. The central bank made the clarification after social media posts claimed that the P20 bill would no longer be accepted by the end of the year. The news also calls on the public to exchange the P20 note with banks « before the end of the year ». Earlier this month, BSP Governor Benjamin Diokno said it could take about six months for the new note to be widely used, given that banks need plenty of time to reconfigure their ATMs to recover the plastic bill. « The 20 pesos note is still legal tender, » she added. In this context, the BSP stated that the legal tender 20 pesos coin will coexist with the 20 pesos NGC note currently in circulation, which will be withdrawn from circulation due to natural wear and tear. This means that even if the old version is not demonized, its supply will not be replenished. INQ The BSP apparently made this latest clarification in anticipation of a similar issue raised during the issuance of the 20 pesos coin in December 2019. GNP plans to have 500 million plastic banknotes by 2023. This is an attempt by which the regulator will assess the feasibility of switching to polymers for the rest of the peso notes. The Bangko Sentral ng Pilipinas (BSP) informs the public that 20 Piso New Generation Currency (NGC) notes are still legal tender and can be used with 20 Piso NGC coins for daily transactions.

BSP Governor Benjamin Diokno also tweeted: « The 20 pisos note is still legal tender. The information in circulation that the 20 piso note will no longer be legal tender by the end of the year is false. The 1,000 pesos note and all other peso notes and coins currently in circulation will not be demonetized – at least until mid-2023 – even though banks have received the first 10 million coins of the new 1,000 pesos polymer note. Diokno reiterated that during his term, which ends in July 2023, there will be no demonetization of the notes and coins currently in circulation. The Bangko Sentral ng Pilipinas (BSP) said on Tuesday that the issuance of polymer banknotes – which is to be done in phases – began last week with a limited amount. « Prior to the release [of the 10 million units], BSP held technical briefings for bank staff, machinery suppliers and CASH-in-transit service providers to educate them on the design and security features of polymer banknotes, » the BSP said. Economic policy, supported by promising macroeconomic indicators, became the culmination of President Ferdinand « Bongbong » Marcos Jr.`s investment talks ahead of an economic forum on the New York Stock Exchange (NYSE) last Monday. The 24-member Appointments Commission (CA) on Tuesday confirmed the provisional appointment of Bienvenido Laguesma as secretary of the Ministry of Labour and Employment during the plenary session of the bicameral body. In its official statement, the BSP said that the 20 piso NGC banknotes will be gradually withdrawn from circulation by natural abrasion or until the 20 piso banknotes are not suitable for circulation. The GNP calls on the public to properly use and disseminate Philippine coins for their economic and cultural value.

In this context, the BSP also recently issued a recommendation to banks to promote the distribution, circulation and mobilization of 20 piso coins. « The Bangko Sentral ng Pilipinas warns the public against a message circulating in the panel discussions stating that the P20 New Generation Currency banknote must be demonetized by the end of the year, » the BSP said. The BSP released the new 20 Piso NGC coin on December 17, 2019. The two-tone 20 piso coin retains important elements of the 20 piso note. The face of the coin depicts Manuel L. Quezon, while the reverse represents the BSP logo, the Malacañan Palace and the Nilad Factory. In a public recommendation on Tuesday, the BSP said the 20 pesos note still did not expire and could be used with the 20 pesos coin for transactions anywhere in the country. The BSP published the new Exhibit P20 NGC on December 17, 2019. As plenary deliberations began on the proposed national budget of 5.268 trillion pesos for 2023, proponents of the 2023 General Allocations Law said Tuesday that next year`s budget is the first step towards achieving the medium-term fiscal framework (MTFF) visions to create more jobs and reduce poverty.