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PH Embassy in SG Reiterates Demonetization of Old Banknote Series

20 February 2017 – It has come to the attention of the Philippine Embassy that unscrupulous money changers in Singapore have been issuing demonetized (i.e., no more monetary value) banknotes of the Philippine Peso currency to unsuspecting clients.

The public, including Singaporeans and expatriates planning to visit the Philippines, are therefore strongly advised to refer to the above reminder from the Central Bank of the Philippines (Bangko Sentral ng Pilipinas) regarding the demonetization of the old banknote series starting 01 January 2017.

In exchanging their local currency to Philippine peso, only the new banknote series should be issued. Otherwise, no establishment in the Philippines will honor the old banknote series for daily transactions.

The Philippine Embassy is also coordinating with the Monetary Authority of Singapore, which has supervision over these money-changers in the country, on this matter.

For similar complaints, please do not hesitate to inform the Embassy at telephone number 6737 3977 (extension 117) or 9072 2797. You may also e-mail us at  singapore.pe@dfa.gov.ph or php@philembassysg.org.