BSP sets new deadline to exchange old bills to December 29

MANILA, Philippines — The Bangko Sentral ng Pilipinas on Friday set a new deadline for the replacement or exchange of old bills with the new design banknotes.

The public can still swap their New Design Series bills with the New Generation Currency banknotes until December 29.

BSP said the Monetary Board decided to establish a new deadline as a response public clamor.

The replacement or exchange of old bills shall be processed without charge at the BSP Cash Department, regional offices and branches.

A maximum amount of P100,000 of demonetized NDS banknotes shall be allowed per transaction.

NDS exchange for larger amounts may be allowed but payable only by check or direct credit to a bank account.

NDS banknote series, which was launched in 1985, was succeeded by NGC banknote series issued on Dec. 16, 2010.

The deadline for the demonetization of the NDS banknotes was originally set on January 1 this year but was extended to March 31. It was eventually extended to June 30 due to numerous requests from the general public.

After the deadline, the NDS bills would lose their value and could no longer be exchanged.

Under Republic Act 7653 or the new Central Bank Act of 1993, BSP 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.

READ: BSP stands pat on June 30 deadline to exchange old bills