MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) once again moved the deadline for the exchange or replacement of old Philippine peso bills – also known as the New Design Series (NDS) banknotes – to June 30, 2017, due to public clamor.
BSP Deputy Governor Diwa Guinigundo announced the deadline extension in a media briefing in Manila on Thursday, March 23, saying it was approved by the Monetary Board.
“This recent decision of the Monetary Board, which was made in response to public clamor for a longer period of exchange of NDS banknotes, amends BSP Circular No. 935,” Guinigundo told reporters.
This gives the public 6 more months to exchange old banknotes, from the original deadline of December 31, 2016.
They can have the bills exchanged at authorized financial institutions like universal and commercial banks, thrift banks, and rural as well as cooperative banks. The public may also exchange NDS banknotes with the BSP or any of its regional offices.
In its press release, the BSP said the public can exchange the old banknotes until June 30 this year without any charges.
After that period, these bills will have no monetary value. (Learn about the demonetization process here.)
“The extension will also extend to OFWs (overseas Filipino workers),” Guinigundo said.
In terms of value, the NDS banknotes still in circulation are worth P19.2 billion of the total P979.9 billion in the system.
The replacement process is in line with the provisions of Section 57 of Republic Act No. 7653 or the New Central Bank Act, which authorizes the BSP to replace banknotes that are in circulation for more than 5 years.
The NDS banknotes have been in circulation for almost 3 decades. – Rappler.com