CBC encourages public to swap old banknotes

CEBU, Philippines — The Cebu Bankers Club (CBC) is calling on the banking public to have their old peso bills swapped with the new ones as the Bangko Sentral ng Pilipinas (BSP) has set a new deadline for the replacement.

CBC President Mario Fritz Palileo said the public must take this another opportunity to have their old bills replaced. 

The public has now until Dec. 29 this year to exchange old bills into the New Generation Currency (NGC) series.

In an earlier statement, the central bank said the extended deadline was made "in response to numerous requests from the general public to allow the exchange and replacement of their New Design Series (NDS) banknotes."

"Actually they are not accepted anymore for payments. They can only be exchanged," Palileo reminded the public.

"We are encouraging those who have these notes to proceed to BSP [offices] to have them replaced," he told The FREEMAN yesterday.

The replacement or exchange transactions on the NDS banknotes shall be accommodated without charge at BSP offices.

The BSP allows the exchange of demonetized NDS banknotes in cash to a maximum amount of P100,000 per transaction. NDS exchange for larger amounts may be allowed but payable only by check or direct credit to a bank account.

Palileo said banks in Cebu will be posting this reminder in their branch premises for public reference.

It can be recalled the BSP previously set a Dec. 31, 2016 deadline for the public to turn in notes with the old design to banks and its offices but granted three extensions, leading to a Sept. 30 deadline.

The old bills, which were used since 1985, had been demonetized since January 1, 2016, meaning they already have no value.

The new bills have been in general circulation since 2010.

Under the New Central Bank Act, the BSP can replace bank notes which have been in use for over five years. (FREEMANNEWS)