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BACOLOD City – The Bangko Sentral ng Pilipinas (BSP) is reminding Overseas Filipinos (OF), who wish to avail themselves of the New Design Series (NDS) Banknote Exchange Facility, to register their NDS banknote holdings at orbs.bsg.gov.ph from Oct. 1 to Dec. 31 of this year, a press release from the BSP said.
OFs that are able to register their NDS banknote holdings within this registration period have one year from their date of registration to present their original passport along with their printed confirmation notice to any BSP office for the processing of the NDS exchange.
OFs deployed to countries experiencing geopolitical crisis during the registration period who may not be able to register their NDS banknote holdings need only to present their original passport with exit stamp by authorities from war-torn countries and/or authorities from other countries that served as exit points for repatriation to any BSP office for processing from Jan. 1 until Dec. 31, 2017, subject to the P50,000 limit for each OF.
Last April 22, the BSP issued Circular No. 910, Series of 2016, which provides guidelines for the New Design Series (NDS) Banknote Exchange Facility.
The circular included, among others, the replacement/exchange of NDS banknotes from Overseas Filipinos (OFs) working abroad, who have in their possession NDS banknotes that could not be physically exchanged within the prescribed period of Jan. 1 to Dec. 31, 2016.
Subsequent to this, the Monetary Board approved on Sept. 8 the increase in the allowable amount to be exchanged by OFs under the NDS Banknote Exchange Facility from P10,000 to P50,000.
The BSP also amended the Rules on Cross-Border Transfer of Local and Foreign Currencies through BSP Issued Circular No. 922, Series of 2016, which allows a person to import or export, or bring with him or take out of the county, or electronically transfer, legal tender Philippine notes and coins, checks, money order and other bills of exchange withdrawn in pesos against banks operating in the Philippines in an amount not exceeding P50,000 without prior authorization from the BSP last Aug. 13.
Overseas Filipino workers are also exempted provided that refund was made prior to departure at airports and other ports of exit. (PIA)
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