Start exchanging your old peso bills, they will no longer be used on ...

The old Philippine peso bills will soon be demonetized, according to the Bangko Sentral ng Pilipinas.

The agency said that they will start withdrawing the old bank notes from circulation starting January 1, 2015.

They will be completely phased out on January 1, 2016.

This means that the old peso bills may still be used to buy goods and services in 2015 but they will no longer be accepted for payment starting January 1, 2016.

What to do with the old peso bills?

BSP Deputy Governor Diwa C. Guinigundo said the public can still exchange their old bills for the new generation currency bank notes at banks and BSP offices and branches around the country from January 1, 2015 until end-2016.

Filipinos who live abroad will still have a chance to exchange their old notes. They may register online starting October 1, 2015 to December 31, 2015 through the BSP website.

They will be given a year from their date of registration to exchange the old bank notes at BSP offices and branches.

The demonetization of the old bank notes, Guinigundo said, will allow for the circulation of a single currency series in the Philippines -- the "new generation currency" bank notes.

The old designs had been in use since 1985, and is currently in circulation with a total of 729 million pieces and a value of P192 billion.

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