Acceptance of Old Central Bank Coins Due for Demonetization for Replacement/Exchange Pursuant to BSP Circular No. 81, Series 1995

CIRCULAR LETTER Series of 1996

TO : All Banks

SUBJECT : Acceptance of Old Central Bank Coins Due for Demonetization for Replacement/Exchange Pursuant to BSP Circular No. 81, Series 1995

In view of the complains from the consumers/public that banks do not accept old coins due for demonetization for replacement/exchange in accordance with BSP Circular No. 81, Series of 1995 re: Retirement of all Central Bank Circulation Coins (copy of primer attached), we wish to remind you that old coins which will cease to be legal tender on January 1, 1997 shall still be acceptable by all banks for replacement/exchange or deposit at face value without charge until January 2, 1998 in accordance with said BSP Circular. Therefore, you are hereby enjoined to accept all old Central Bank coins in any amount surrendered to you on or before January 2, 1998 shall all banks refuse to accept these old coins as they shall have ceased to be liabilities of the Bangko Sentral by said date.

For strict compliance.

EDGARDO P. ZIALCITA Deputy Governor