BSP extends deadline to exchange old banknotes

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BY: ROEYNA MAY FAMISARAN
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Friday, December 30, 2016
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ILOILO City – The Bangko Sentral ng Pilipinas (BSP) yesterday announced that it is extending the deadline to exchange old peso bills or the New Design Series (NDS) banknotes until March 31, 2017.
In a press release sent to Panay News, the BSP said that starting April 1, 2017, the NDS banknotes will no longer have value.
“This recent decision of the Monetary Board to extend the period of exchange from end-December 2016 to end-March 2017 was in response to public clamor to extend the deadline by which to exchange their old banknote series,” the statement said.
“After March 31, 2017, the NDS banknotes which have not been exchanged shall cease to be a liability of the BSP and shall be demonetized,” it added.
BSP deputy governor Diwa Guinigundo said the demonetization of the old peso bills will result to the circulation of a single currency series in the country — the New Generation Currency.
The NDS banknotes have been in circulation for almost three decades. It was first issued on June 12, 1985./PN
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