The Bangko Sentral ng Pilipinas (BSP) will begin withdrawing old banknotes from circulation starting next year January 1.
For almost three decades, we’ve been using the New Design Series (NDS) banknotes while the New Generation Currency (NGC) was released on December 2010, since then both NDS and NGC co-circulates countrywide.
The currency retirement or demonetization process for these old NDS banknotes would run a year long transition, from January 1 up to Dec. 31, 2015. The public may still use the old NDS banknotes for purchasing goods and services during the said period, afterwards the “New Generation Currency” banknotes shall be the only legal notes to be acknowledged, which aims to result in the circulation of a single currency series in the country.
Consumers have until the end of 2016 to swap their old banknotes for new generation currency (NGC) banknotes at authorized banks and at BSP branches or offices all over the country.
BSP advises the public of the following important information:
- The public may continue to use the NDS banknotes up to 31 December 2015 in paying and buying of goods and services and other business or financial transactions requiring the use of cash. Thereafter, the NDS banknotes will no longer be accepted for payment transactions;
- From 1 January 2015 to 31 December 2016, the public may exchange with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, their NDS banknotes with the New Generation Currency (NGC) Series at full face value, without charge (Annex 2). The public may also opt to exchange NDS banknotes with the BSP or any of its regional offices/branches around the Philippines (Annex 3);
- 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, will have 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. These NDS banknotes may be exchanged with the BSP within one (1) year from date of registration; and
- Starting 1 January 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized.