The P20 bill remains legal tender and can still be used alongside the new P20 coins, the Bangko Sentral ng Pilipinas said on Monday, debunking text messages to the contrary as "fake news".
The P20 banknotes will be removed gradually from circulation or until it is deemed unfit for recirculation, the central bank said. There is no set date for the demonetization, which the fake text said would happen by the end of the year.
"The Bangko Sentral ng Pilipinas (BSP) advises the public that the 20-Piso New Generation Currency (NGC) banknotes remain as legal tender and can be used alongside the 20-Piso NGC coins for day-to-day transactions," it said.
The central bank also urged the public to recirculate Philippine coins instead of keeping them in coin banks at home.