BSP calls for exchange of old banknotes

The central bank reminded banks that they are required to accept, exchange or replace the old New Design Series (NDS) banknotes until the last day of 2016 and that it has issued additional guidelines for the exchange of banknotes held by institutions such as government offices, overseas Filipinos, and by courts as part of judicial proceedings.

The old NDS banknotes, which consist of 5-, 10-, 20-, 50-, 100-, 200-, 500- and 1,000-peso denominations, were first issued on June 12, 1985. As of January 1 this year, they can no longer be used for purchases in line with a central bank demonetization program.