Bangko Sentral ng Pilipinas sets deadline for exchanging old banknotes until December 29

The Bangko Sentral ng Pilipinas announced in October the new deadline for the replacement or exchange of old bills with the new design banknotes. The public can still swap their New Design Series bills with the New Generation Currency banknotes until December 29, 2017.

Bangko Sentral ng Pilipinas sets deadline for exchanging old banknotes until  December 29 | Cebu Finest

Bangko Sentral ng Pilipinas sets deadline for exchanging old banknotes until December 29

The Bangko Sentral ng Pilipinas said that the Monetary Board decided to establish the new deadline from its previous June 30, 2017. It is in response to the public clamor regarding the initial date. The replacement or exchange of old bills shall be processed without charge at the BSP Cash Department, regional offices, and branches.

A maximum amount of ₱100,000 of demonetized NDS banknotes shall be allowed per transaction. NDS exchange for larger amounts may be allowed but payable only by check or direct credit to a bank account.

NDS banknote series, which was launched in 1985, was succeeded by NGC banknote series issued on December 16, 2010.

The deadline for the demonetization of the NDS banknotes was originally set on January 1 this year but was extended to March 31. It was eventually extended to June 30 due to numerous requests from the general public.

After the deadline, the NDS bills would lose their value and could no longer be exchanged.

Under Republic Act 7653 or the new Central Bank Act of 1993, BSP could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.

Bangko Sentral ng Pilipinas sets deadline for exchanging old banknotes until  December 29 | Cebu Finest

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In Cebu, an announcement was posted on Facebook on the exact date and time of the deadline for exchanging of old banknote series. It is only until December 29, 2017, Friday, at 2 PM.

Everyone with NDS banknotes was advised to visit the Bangko Sentral ng Pilipinas (BSP) Cebu Regional Office located along Osmeña Boulevard, Cebu City (beside Cebu Normal University). One must bring a valid identification card (ID) upon going to BSP Cebu Regional Office.

For more information, you may contact Atty. Leonides B. Sumbi, Regional Director of BSP Cebu Regional Office at Telephone Numbers (032) 254 0973 and (032) 254 9368.

Poster and some texts originally from the Cebu City PIO on Facebook.

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