THE deadline for exchanging or replacing peso bills that have been demonetized and no longer accepted as payment for goods and services has been extended by the central bank to June 30, 2017, to give stakeholders enough time to convert their cash into the New Generation Currency (NGC).
However, all banknotes registered with the Bangko Sentral ng Pilipinas (BSP) by overseas and immigrant Filipinos and foreigners from October 1 to December 31, 2016 can still be exchanged within a year after registration.
The New Design Series (NDS) banknotes were deemed demonetized by the BSP as of January 1, 2017 in favor of the NGC series.
In a statement on Monday, BSP emphasized that the extended deadline was meant specifically for the benefit of following stakeholders:
• authorized agent banks
• provincial, city and municipal treasurers
• overseas Filipinos
• Filipinos immigrants
All NDS notes deposited with the authorized banks on or before March 31, 2017 can be exchanged and deposited with the BSP until June 30, 2017.
For city, provincial and municipal treasurers all NDS inventory on or before March 31 can also be exchanged until June 30.
Overseas Filipinos, Filipino immigrants and non-residents can register up to P50,000 of the old banknotes on the BSP website.
“All NDS banknotes registered from 1 October 2016 to 31 December 2016 shall be submitted for exchange with New Generation Currency banknotes within one year from date of registration at any BSP office,” it added.
Filipino immigrants and non-residents must present additional documents when exchanging their NDS banknotes for the NGC bills.
“Aside from the original passport and printed confirmation notice, Filipino immigrants must present their birth certificate to support Filipino lineage, while non-residents must show proof of previous employment in the Philippines,” the central bank said.
For authorized representatives, a confirmation notice must be printed and presented to the BSP together with the original passport of overseas and immigrant Filipinos and foreigners, as well as an authorization letter and a valid ID of the representative.
The deadline for overseas Filipinos working in war-torn countries is until December 31, 2017, and they need not make any prior registration, the BSP noted.
The NDS series consisted of P5, P10, P20, P50, P100, P200, P500 and P1,000 bills first issued on June 12, 1985. As of January 1 this year, these bills lost the status of a currency of legal tender and may longer be used to pay for goods and services.
While the NDS banknotes can still be exchanged without any corresponding charge with the BSP or its authorized agent banks and financial institutions, the bills will be totally worthless by April 1, 2017.
According to the central bank, P979.9 billion worth of banknotes are currently in circulation of which 2.4 percent are NDS bills. In volume terms, 295.7 million pieces of the NDS bills equivalent to 8.86 percent of the 3.34 billion pieces in circulation are up for replacement with the NGC series.
As of end-November 2016, the BSP said an estimated P23.3 billion of the three-decades-old were still in circulation.