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By: Mae Singuay
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Saturday, July 1, 2017
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BACOLOD City – Starting today, old banknotes will no longer be accepted.
Job Nepomuceno, deputy director of Bangko Sentral ng Pilipinas (BSP) Bacolod Branch, disclosed there will be no more extensions to exchange New Design Series (NDS) banknotes after the Monetary Board extended the deadline thrice.
The BSP said the extension was the Monetary Board’s response to the “public’s clamor for a longer period of exchange of NDS banknotes,” which have been circulating since 1985.
Nepomuceno said the BSP has no liability anymore if anybody still possesses old banknotes.
It is high time that old banknotes must be replaced because counterfeiters have already mastered how to fake them, Nepomuceno added.
The old NDS banknotes, which consist of 5-, 10-, 20-, 50-, 100-, 200-, 500- and 1,000-peso denominations, were first issued on June 12, 1985./PN
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