By 2017, old-design banknotes will no longer be accepted by banks; an exception to this rule are Overseas Filipinos who have up to next year to exchange their old-design banknotes. In particular we thank the banks, malls, stores, public offices and transport groups for helping us spread the message of demonitization and the security features of our new banknotes across the country.
The Central Bank supports the development of expertise in the fields of economics, business and finance, particularly for young people, such as the Central Bank of Ireland’s Generation € Student’s Award for young economists in Ireland which I will launch later today when I visit St. Mary’s College. This competition gives us an opportunity to recognise excellence in the next generation.