BSP sticks with deadline for old bills replacement

CEBU, Philippines - Three days left before the extended deadline for exchanging old banknotes with the new series ends.

The Bangko Sentral ng Pilipinas is keeping its Friday deadline, June 30, for the exchange of old notes after it extended the deadline two times already.

Old banknotes will lose their value starting July 1 and can no longer be exchanged for legal tender.

Overseas Filipinos who registered their old banknotes online have until December to exchange them with new ones.

The deadline for the demonetization of old banknotes was originally set on January 1 this year but was extended to March 31 then to June 30 due to public clamor.

Old bills can be swapped for new generation banknotes at authorized agent banks as well as municipal, city and provincial treasurers' offices.

After the deadline, the old bills will have no value and will not be accepted for transactions.

Banks will also no longer accept these after the deadline.

The central bank began its demonetization program in 2010 with the launch of new banknotes called New Generation Currency.

These have updated security features, designs and colors.

The old-generation bills called New Design Series were not allowed for transaction beginning Jan. 1, 2016, but the BSP said these can be exchanged at authorized banks and BSP offices until the end of the extended June 30, 2017 deadline.

The BSP earlier set a deadline for January 1, 2017.

The BSP had reminded the public that they can exchange old notes at any bank and they do not need to have an existing account to trade old notes for new ones. (FREEMAN)