Acceptance of the 1996 new design series US$100 Note for conversion to pesos

MEMORANDUM Series of 2003

TO:       All Banks

Subject : Acceptance if the 1996 New Design Series US$100 Note for Conversion to Pesos

The Cash Department, Bangko Sentral ng Pilipinas (BSP) received numerous reports from the public that foreign exchange dealers and certain banks are refusing to convert to pesos the 1996 US$100 dollar bills based on an alleged BSP directive.

We wish to correct the above disinformation and we enjoin banks to continue to accept the said 1996 US$100 denomination dollar note for conversion to pesos as the note remains eligible for exchange as the other US denomination notes.  We assure all concerned that the BSP will issue timely and appropriate warning, whenever it is warranted, to protect the interest of the public and the banks.

Any further questions regarding the security features of the 1996 US$100 dollar note may be directed to the:

Currency Analysis and Redemption Division Bangko Sentral ng Pilipinas A. Mabini Street cor. P. Ocampo Street Malate, Manila Tel.Nos. 524-2777 or 524-7011 local 2296

ALBERTO V. REYES Deputy Governor