DUMAGUETE CITY, Philippines – Some P26 billion of New Design Series (NDS) or old banknotes are still in circulation which is due for replacement until March 31 this year.
“This is the reason why the Bangko Sentral ng Pilipinas (BSP) decided to extend the deadline for the exchange of NDS with New Generation Currency (NGC),” explained Sr. Research Specialist Greg Baccay of BSP-Dumaguete Branch.
With this, BSP has called on the public to replace the old bills before deadline at any authorized banks or BSP for this will have no monetary value starting April 1, 2017.
In a Kapihan forum conducted by Philippine Information Agency (PIA), Baccay said after March 1 the old bank notes which have not been exchanged shall no longer be valid and will be demonetized.
Demonetization is done to protect the integrity of the country’s note currency.
Overseas Filipinos working abroad who still have in their possession NDS banknotes can register their banknote holdings at BSP’s website, said Baccay.
The NDS banknote exchange facility provided by the BSP shall be limited to P50,000 for each OFW, he added.
Initially, the BSP scheduled demonetization of the NDS banknotes on Jan. 1 this year, but by April only the NGC, the banknote series launched in 2010, can be used for daily transactions.
BSP: Old bills still in circulation due for replacement until March 31
