The Bangko Sentral ng Pilipinas or BSP will demonetize old banknotes which can be used only until December 31, 2015 only but can still be exchanged in banks and BSP offices until December 31, 2016.
Read more at http://www.bsp.gov.ph/bspnotes/demonetization-0.asp
Demonetization Schedule Reminder from BSP
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