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Saturday, November 25, 2017

No more extension of deadline for old bills replacement — BSP

Updated

By MB Online

The Bangko Sentral ng Pilipinas (BSP) has said that it is sticking to its June 30, 2017 deadline for consumers to swap their old bills with new design banknotes.

Philippine one thousand-peso banknotes (Julian Abram Wainwright/Bloomberg / MANILA BULLETIN)

(Julian Abram Wainwright/Bloomberg / MANILA BULLETIN)

“There are no plans to extend the deadline, The demonetization will end on June 30 this year,” outgoing BSP Governor Amando Tetangco, Jr. said.

Starting July 1, the old bills or the New Design Series (NDS) launched in 1985 would have no more monetary value. The old banknotes were no longer accepted in day-to-day transactions since January 1, 2017 after the BSP started circulating the New Generation Currency (NGC) bills in the market.

The old banknotes or NDS can still be exchanged in banks and BSP offices only until June 30, 2017.

The NGC series is more user-friendly as it allows easy identification of each denomination because of the dominant color in distinct and primary inks.

The new banknotes also have new and enhanced security features, including the big numerals corresponding to the value printed on both sides as well as the intaglio-printed front side of the currency that gives an embossed feel to help the visually impaired.

BSP Deputy Governor Diwa C. Guinigundo said new designs for coins will also be released soon.

Under Republic Act No. 7653 or the new Central Bank Act of 1993, the BSP could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.

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  • Anti Jaundice

    finally!!! the previous governor is so wimpy to make this kind of decision…

  • Peter

    good decision bsp. 2 years is more than enough,, Terrorists/launderers/hoarders,,the end