The Bangko Sentral ng Pilipinas (BSP) assured the public that the P20 banknote remains legal tender and can still be used for day-to-day transactions nationwide.
In a public advisory on Tuesday, the BSP said the P20 banknote is still not phased out and can be used alongside the P20 coin for transactions anywhere in the country.
The Central Bank made the clarification after posts have been circulating on social media claiming that the P20 bill will not be accepted anymore by the end of the year. The message also urges the public to exchange the P20 bill with banks “soonest before year-end”.
“The Bangko Sentral ng Pilipinas warns the public about a circulating message in group chats claiming that the P20 New Generation Currency Banknote shall be demonetized by the end of the year,” the BSP said.
“The P20 banknote remains as legal tender,” it added.
The BSP said the P20-Piso banknotes shall be gradually removed from circulation through natural attrition or until the P20 banknotes become unfit for recirculation.
In relation to this, the BSP also recently issued an advisory to banks to promote the distribution, recirculation, and mobilization of the P20 coins.
The BSP released the new P20 NGC coin on 17 December 2019.
The bi-color 20-Piso coin retains major elements of the P20 banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.