Old Banknotes Acceptable Until Dec. 31,2015
Acting Deputy Director Victor Ariel Dey of Bangko Sentral ng Pilipinas-Roxas City disclosed that they the BSP will start the demonetization process of the old banknotes of the New Design Series (NDS) as part of preserving the integrity of the Philippine currency.
Dey said that the public may continue to use the old banknotes until December 31 this year in paying and buying of goods and services and other business transactions that require the use of cash.
The public may exchange their old banknotes with the New Generation Currency Series with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, starting this January 1 this year until December 31,2016 without charge, he said.
Dey added that the public may also opt to exchange their NDS banknotes with their BSP office here in Roxas City.
According to him starting January 1, 2016, the NDS or old banknotes will no longer be accepted for payment transactions.
He also advised government institutions holding in trust NDS series which could not be exchanged during the prescribed period, such as banknotes used as evidence in a litigation case, to request the BSP Cash Department in writing, within the period of exchange, for a special exchange arrangement
“For Overseas Filipinos (OFs) abroad, who have in their possession NDS banknotes which could not be exchanged within the prescribed period, they may register online starting 1 October 2015 to 31 December 2015 through the BSP Website.,” Dey said, pointing out that said NDS banknotes may be exchanged with the BSP within one year from date of registration.
He stressed that starting January 1,2017, the old banknotes that have not been exchanged will have no more monetary value.
Dey said that the demonetization of the NDS will result in the circulation of a single currency series in the country – the NGC Series.
The new and enhanced security features in the NGC banknotes issued on 16 December 2010 were designed to protect the safety of the public against counterfeiters, he said.
He cited that the old banknotes have been in circulation for almost 30 years now while the New Central Bank Act provides the BSP an authority to replace banknotes that are more than five years old. (JCM/JBG/PIA6-Capiz)