THE P100,000 and P2,000 Centennial Commemorative Notes issued in 1998 will no longer be valid as legal tender by Aug. 1, 2018, the Bangko Sentral ng Pilipinas (BSP) announced yesterday. The demonetization process is ongoing and the bills can be exchanged at full face value with the BSP or authorized agent banks. The P100,000 bill is the biggest legal tender issued by the BSP in terms of value as well as size at 22×33 centimeters. BSP said there were only 1,000 pieces issued for the Philippine’s Centennial Year celebration. Under the New Central Bank Act contained in Republic Act 7653, the BSP can replace banknotes that are more than five years old.

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