BSP sets Dec 29, 2017 as new deadline to exchange old banknotes
It looks like the Bangko Sentral ng Pilipinas (BSP) has caved into demands of the public and have extended their deadline in exchanging old bills for new ones.
In a release last Friday, October 27, BSP’s Monetary Board established December 29, 2017 as the new deadline for people to exchange and replace their old New Denomination Series (NDS) bills with the New Generation Currency (NGC) banknotes.
According to BSP, “the replacement or exchange transactions on the NDS banknotes shall be accommodated without charge at the Bangko Sentral ng Pilipinas (BSP) Cash Departments (Manila and Quezon City), Regional Offices, and Branches.”
Those looking to exchange their demonetized banknotes for cash can do so up to Php 100,000 per transaction. Any amount larger than that is still allowed, but you will instead be issued a check or have it directly credited to a bank account.
This is the third time the BSP has extended its deadline to exchange old NDS bills to NGC series banknotes. The initial deadline was set to December 31, 2016, but was adjusted to March 31, 2017 a few days before the original deadline. It was later moved to June 30, 2017 due to “public clamor.”
This also effectively moved the demonetization of NDS bills to July 1, 2017, seven months after the original demonetization schedule of January 1, 2017.
Source: Bangko Sentral ng Pilipinas, GMA News Online, Philstar.com, Philippine Daily Inquirer
All images courtesy of Bangko Sentral ng Pilipinas
