New Design Series (NDS) banknotes that have been in circulation for almost three decades can no longer be used for purchases starting today in line with a central bank demonetization program.
The old banknotes, which consist of 5-, 10-, 20-, 50-, 100-, 200-, 500- and 1,000-peso denominations, were first issued on June 12, 1985.
They can still be exchanged at authorized financial institutions for the New Generation Currency (NGC) series but will become worthless beginning 2017.
Government institutions holding old banknotes that cannot be exchanged during the prescribed period, such as money being used as evidence in a lawsuit, will have to request the BSP Cash Department in writing, also within the period of exchange, for a special exchange arrangement.
Overseas Filipinos with old banknotes that also cannot be exchanged within the prescribed period can sign up via the central bank website, from October 1, 2016 to December 31, 2016, to arrange for an exchange within one year from registration.
Before the year ended, the central bank said about P61 billion of the NDS series still had to be exchanged for NGC banknotes that were launched in 2010.