The BSP (Bangko Sentral nga Filipinas) has given us a reprieve extending the deadline demonetizing the old currency until the end of this month. After that date it will be worthless.
If you are in possession of old currency go to any bank before the deadline and they will exchange the currency 1 for 1.
The old bank notes are not legal tender for transactions haven’t been since 2016, so you should not be getting them in your change. However you should take a moment to scan your notes received as change in the closing days of the changeover and if you come across any old currency do not accept it, or if you already have get to the bank real quick.
Accept new currency only in day to day transactions.
Know of anyone who keeps large amounts of cash in the house, ensure they are only putting new currency into the mattress.
Below are images of the old currency and the new. Only the new is worth anything after 31 March 2017.Image courtesy CNN Philippines