WITH the new year less than a week away, the Bangko Sentral ng Pilipinas (BSP) is reminding the public that beginning Jan. 1, old Philippine peso bills will no longer be accepted when paying for goods and services.

The old banknotes, however, can still be exchanged in banks and BSP offices through the end of 2016 free of charge for the new notes that were launched in 2010.

Filipinos residing abroad with old peso bills who are unable exchange the notes in 2016 can register online between Oct. 1, 2016 to Dec. 31, 2016 on the BSP website. The old notes can then be exchanged with the BSP within a year of the registration date. OFWs are limited to exchanging P10,000, and only the amount they register will be honored by BSP.

By Jan. 1, 2017, the old notes, which use a design that has been used since 1985, will be considered demonetized and no longer have any monetary value.

BSP Deputy Gov. Diwa Guinigundo said all local banks should begin releasing and circulating new banknotes, according to CNN.

“We have always encourage[d] the banks of release and circulate brand new notes. We have ample delivery from our production staff both printed in house and outsourced. So there is no excuse for any bank not to release new notes,” Guinigundo said.

The old notes, New Design Series, will be replaced with new notes called New Generation Currency, which incorporates enhanced security features to help guard against counterfeiting.

The phasing out of the old notes is in line with provisions of Section 57 of the New Central Bank Act – or Republic Act No. 7653 – that authorizes BSP to replace banknotes that are in circulation for over five years.

Guinigundo said there are a total of 2.42 billion pieces of new peso bills valued at P753.42 billion ($15.94 billion), according to Rappler.