The ‘old’ Philippine banknotes issued by the Bangko Sentral ng Pilipinas or BSP is set to be demonetized this year 2015. Labeled as the New Design Series or NDS, these old bills (such as the ones you see in the photo above) will be replaced completely by the New Generation Currency or NGC at the start of 2016. This NGC series is the latest of the set of paper money released which we are using already.
This move by the BSP is in accordance with the provisions of the so-called New Central Bank Act and aims “to preserve the integrity of Philippine currency.” The replacement will use improved security features for our bills.
For additional information regarding the replacement, demonetization, among others, you can visit the Media Releases section of the BSP website here.