BSP: Demonetizing old banknotes extended up to March 31, 2017. - PH Trending

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Wednesday, 28 December 2016

BSP: Demonetizing old banknotes extended up to March 31, 2017.

Exchanging of New Design Series (NDS) for New Generation Currency (NGC).

NDS is the old banknotes that were launched in 1985 which features the old BSP logo with eight denominations such as PHP5.00, PHP10, PHP20, PHP50, PHP100, PHP200, PHP500, and PHP1, 000. These old bank note series (see image below) were decided to extend the period to exchange in authorized agent banks of the BSP until March 31, 2017 from its initial deadline of Dec. 31, 2016 according to Monetary Board (MB). In addition at this year, old banknote series were no longer accepted for daily transactions. (PNA, 2016)
NGS is the latest banknotes that were released in 2010, featuring the new BSP logo and have six denominations: PHP20, PHP50, PHP100, PHP200, PHP500, and PHP1, 000.

“So this extra three months basically is an opportunity, the last opportunity, to exchange those new design currencies for new generation currencies.”  (BSP Deputy Governor Nestor Espenilla Jr., 2016)

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