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Filipinos living or working overseas who still have old peso bills in their possession will be given more time by the Bangko Sentral ng Pilipinas to replace them with new banknotes.
In a January 12 circular, BSP Governor Amando M. Tetangco Jr. said Filipinos overseas who would be geographically constrained to personally exchange New Design Series (NDS) banknotes with the New Generation Currency (NGC) by Dec. will be still be accommodated until March 31.
“Overseas Filipinos working/living abroad, Filipino immigrants and non-residents who have in their possession NDS banknotes may register their NDS banknote holdings at https://orbs.bsp.gov.ph until March 31, 2017. NDS banknotes registered from Oct. 1, 2016 to Dec. 31, 2016 shall be submitted for exchange with NGC banknotes within one year from date of registration at any BSP office,” Tetangco said.
“On the other hand, NDS banknotes registered from Jan. 1, 2017 to March 31, 2017 shall be submitted for exchange with NGC banknotes until Dec. 31, 2017 at any BSP office. The NDS banknote exchange facility provided by the BSP shall be limited to P50,000 for each overseas Filipino/Filipino immigrant/non-resident,” Tetangco added.
The NDS banknotes that Filipinos abroad will register must be exchanged with NGC banknotes at any of the 23 BSP offices scattered across the country that accept old bills for replacement.
Ten of the offices are in Luzon (Quezon City and the cities of Batac, Cabanatuan, Dagupan, Legaspi, Lucena, Naga, San Fernando in La Union, San Fernando in Pampanga, and Tuguegarao); six in Visayas (Bacolod, Cebu, Dumaguete, Iloilo, Roxas and Tacloban cities); and seven in Mindanao (cities of Butuan, Cagayan de Oro, Cotabato, Davao, General Santos, Ozamis and Zamboanga).
However, once the grace period lapses, the registered NDS banknotes will no longer be valid for exchange.
In December, the BSP announced that those who still have in their possession old banknotes launched over two decades ago will be given three more months to exchange their old bills before they ultimately lose value.
The BSP’s Monetary Board—its highest policymaking body—earlier extended to April 1 this year the period during which all NDS bills will be demonetized due to “public clamor for more time to exchange or replace the old banknotes,” which were launched in 1985.
As such, the public can still exchange or replace their NDS banknotes with the BSP or authorized agent banks and financial institutions until March 31, or three additional months from the earlier deadline of Dec. 31 last year.
Originally, the BSP scheduled demonetization of the NDS banknotes on Jan. 1 this year.
In April, only the NGC, the banknote series launched in 2010, can be used for daily transactions. JE/rga