If you still posses any of the 1985-design bank notes, make sure to dispose it at least before December 31, 2015 . After that date, the old currencies will not be valid for daily transactions. From 2015 to the end of 2016, it can be exchanged with new currencies through Banko Sentral ng Pilipinas (BSP) or through authorised financial institutions such as universal and commercial banks, thrift banks, and rural as well as cooperative banks. After December 31, 2016 , the old currencies will be demonetised completely. Shown below are the old bank notes. Old Philippine bank notes cannot be used for daily transactions after December 31, 2015 and will lose its value after December 31, 2016.