BSP won’t extend deadline for old bills replacement

MANILA, Philippines - Consumers have three more days to swap their old bills with new design banknotes after the Bangko Sentral ng Pilipinas (BSP) announced it is sticking to the June 30 deadline. 

Starting July 1, the old bills or the New Design Series (NDS) launched in 1985 would have no monetary value.

Due to public clamor, the BSP had twice extended the deadline for the exchange of the NDS bills with the New Generation Currency (NGC) banknotes launched in 2010.

The old banknotes were no longer accepted in day-to-day transactions starting Jan. 1 after the BSP started circulating the NGC bills in the market.

However, the old banknotes could still be exchanged in banks and BSP offices. The original deadline was set on Dec. 31, 2016 but this was extended to March 31 and eventually to June 30.

“There are no plans to extend the deadline now. The demonetization will end on June 30 this year,” outgoing BSP Governor Amando Tetangco Jr. said.  

The NGC series is more user-friendly as it allows easy identification of each denomination because of the dominant color in distinct and primary inks.

The new banknotes also have new and enhanced security features to protect the currency against counterfeiters. These include the big numerals corresponding to the value printed on both sides as well as the intaglio-printed front side of the currency to give an embossed feel and help the visually impaired differentiate each denomination.

Under Republic Act No. 7653 or the new Central Bank Act of 1993, the BSP could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.