Exemption of withdrawal of old P200 bills extended

CEBU, Philippines – The Bangko Sentral ng Pilipinas has extended the exemption of withdrawal of the old P200 bills from the imposition of service fees until December 31, 2015.

The exemption of P200 from service fees supposedly ended last March this year.

In a new memorandum, the BSP told banks not to collect service fees from clients withdrawing the old version of P200.

It can be remembered that last February this year, the central bank had also ordered banks that no service fees would be imposed to clients depositing and withdrawing old bank notes until the end of 2016.

The order came following the start of the demonetization of the old bank notes in circulation last January this year.

Normally, the BSP charges a P60 to P100 service fee per bundle for the deposit of fit and unfit bills and a P60 service fee for the withdrawal of bills.

As of August this year, BSP data showed the sum of peso bills in circulation hit P799.9 billion, with old notes accounting for less of the total now as a result of the BSP's demonetization process.

BSP said there were roughly 2.6 billion pieces of both old and new peso bills in circulation around the country as of that month.

The old bank notes are only good for buying goods and paying services until December 31, 2015. (FREEMAN)