MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) is no longer extending the June 30 deadline after giving consumers enough time to swap their old bills with the new design banknotes.
“There are no plans to extend the deadline now. The demonetization will end on June 30 this year,” BSP Governor Amando Tetangco Jr. said in a reply to reporters.
The deadline for the swap of the old New Design Series (NDS) launched in 1985 with the newer New Generation Currency (NGC) launched in 2010 has been extended twice by the BSP due to public clamor.
After the extended deadline, the NDS bills would lose their value and could no longer be exchanged. The old design banknotes were no longer accepted in day-to-day transactions last Jan. 1 this year but could still be exchanged in banks and BSP offices until June 30.
Last January, the BSP started circulating the NGC bills in the market replacing the NDS banknotes launched in 1985. The NGC series is user-friendly and allows easy identification of each denomination because of the dominant color that uses distinct and primary inks.
These banknotes also have several new and enhanced security features to protect the currency against counterfeiters. These include the big numerals corresponding to the value printed on both sides as well as the intaglio-printed front side of the currency to give an embossed feel and help the visually-impaired differentiate each denomination.
The deadline for the demonetization of the NDS banknotes was originally set on Jan. 1 this year but was extended to March 31 and then eventually to June 30 due to public clamor for more time to exchange their old bills before banks and the head and regional offices of the BSP.
The BSP under Republic Act 7653 or the new Central Bank Act of 1993 could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.
Last Dec. 20, the BSP released the first batch of NGC banknotes worth P8.75 billion bearing the signature of President Duterte.
Section 53 of the second chapter of the BSP Charter states that banknotes “shall bear the signatures, in facsimile, of the President of the Philippines and of the Governor of the Bangko Sentral.”