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BY GLENDA SOLOGASTOA
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Wednesday, December 28, 2016
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ILOILO City – Overseas Filipino workers (OFWs) were also urged to exchange their old banknotes for new ones now.
Those possessing old bills should register first at the Bangko Sentral ng Pilipinas (BSP) website, www.bsp.gov.ph.
They will be given one year from the date of registration to have their old bills exchanged for new ones, said BSP-Iloilo deputy director Joanne Marie Castelo.
Registration started in October yet, and the deadline is on Dec. 31.
But for each OFW, the value of old bills that may be exchanged for new ones is limited to P50,000, said Castelo.
Old banknotes will not have any value effective Jan. 1, 2017, the BSP-Iloilo reminded the public.
Banks will no longer accept them, stressed Castelo.
She was referring to bills under the New Design Series. They must be replaced by the ones under the New Generation Currency.
Castelo earlier said the deadline is also on Dec. 31.
New banknotes feature a new BSP logo and a wider security thread. They come in six denominations (P20, P50, P100, P200, P500, and P1,000).
Each new banknote bears a serial number with one or two prefix letters and six to seven digits that are increasing in size. Its reverse side features iconic Philippine natural wonders and species.
Old banknotes, on the other hand, still have P5 and P10 denominations./PN
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Correction: An earlier version of this article misstated the maximum amount of old bills each overseas Filipino worker may trade for new ones. It is P50,000, not P10,000. The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board raised the amount in September. Also, Joanne Marie Castello is now a full-fledged deputy director of the BSP Iloilo branch.
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