The central bank said in a statement that the banknotes remain as legal tender and can be used in everyday transactions alongside the 20-piso NGC coins. According to the BSP, demonetization is the process by which a central bank removes the monetary value of a legal tender currency it issues. "The 20-piso NGC banknotes shall be gradually removed from circulation through natural attrition or until the 20-piso banknotes become unfit for recirculation," it underscored. The new 20-piso NGC coin was introduced by the central bank on December 17, 2019. Major characteristics of the 20-piso banknote are retained on the bi-color 20-piso coin.

Source: Manila Times September 28, 2021 17:48 UTC