BSP sets new deadline to swap old peso bills

The Bangko Sentral ng Pilipinas (BSP) has reset to Dec. 29 this year the deadline to exchange old peso bills belonging to the New Design Series (NDS), which lost their monetary value in July.

“In response to numerous requests from the general public to allow the exchange and replacement of their NDS banknotes, the Monetary Board established a new deadline of Dec. 29, 2017, for this purpose,” the BSP said in a statement.

The Monetary Board is BSP’s highest policymaking body.

“The replacement or exchange transactions on the NDS banknotes shall be accommodated without charge at the BSP cash department, regional offices and branches,” it said.

Maximum amount

“The BSP shall allow the exchange of demonetized NDS banknotes in cash to a maximum amount of P100,000 per transaction.

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

Since July 1, only the New Generation Currency (NGC) banknotes, launched in 2010, can be used for daily transactions.

In June, then BSP Governor Amando M. Tetangco Jr. said they had no plan to extend the June 30 deadline to exchange or replace NDS with NGC bills.

The BSP originally scheduled the demonetization of the NDS bills on Jan. 1 this year.

Last December, the BSP moved the deadline to March 31, but officials said in March that there was public clamor to again extend the deadline.

Since demonetized, the NDS banknotes launched in 1985 no longer have monetary value.

Filipinos living or working abroad who had registered up to P50,000 in old bills could still exchange their NDS banknotes at any BSP office until Dec. 31 this year.