BSP extends deadline for exchanging old bills to June 30

Due to public clamor, the Bangko Sentral ng Pilipinas has extended to June 30 the deadline for those who still have in their possession old banknotes launched over two decades ago to exchange their old bills before they ultimately lose value.

BSP Deputy Governor Diwa C. Guinigundo on Thursday told reporters that the policy setting Monetary Board recently decided to extend by another three months the deadline to exchange or replace New Design Series (NDS) banknotes with New Generation Currency (NGC) banknotes.

Last December, the BSP moved the deadline to March 31. But Guinigundo said there was public clamor to again extend the deadline.

According to Guinigundo, there remain 284 million pieces of NDS banknotes in circulation, or 8.6 percent of the total 3.3 billion pieces being used in cash transactions as of end-February.

In terms of value, the NDS banknotes yet to be exchanged with the BSP and its authorized agent-banks totaled P19.2 billion or a mere 2 percent of the P983.3-billion worth of banknotes in circulation.

As such, the NDS bills launched in 1985 will be demonetized on July 1.

Originally, the BSP scheduled demonetization of the NDS banknotes on Jan. 1 this year.

In July, only the NGC, the banknote series launched in 2010, can be used for daily transactions.