BSP extends deadline for exchanging old peso bills to March 2017

With P23.3 billion worth of old peso bills still in circulation, the Bangko Sentral ng Pilipinas (BSP) on Wednesday extended the deadline for the demonetization process.

In an emailed statement, the central bank said the new denomination series (NDS) banknotes – first launched in 1985 – may still be exchanged for the new generation currency (NGC) banknotes until March 31, 2017.

"The exchange of old banknotes in banks and the BSP is extended up to March 31, 2017," the BSP said.

The previous deadline was supposed to be on December 31, 2016.

"It's the exchange period that was extended for three more months. Basically in response to persistent requests for a little more time," BSP Deputy Governor Nestor A. Espenilla, Jr. said in a separate text message.

As of November 30, 8.86 percent or 295.7 million pieces of the 3.34 billion banknotes in circulation (BIC) were NDS banknotes, valued at P23.3 billion or 2.4 percent of the P979.9 billion in total.

The BSP said it has moved the actual demonetization of the NDS banknotes to April 1, 2017 from the previous January 1, 2017 deadline. This means that the NDS peso bills may no longer be used to pay for goods and services.

"Demonetized, no more monetary value starting April 1, 2017," the BSP said.

Overseas Filipinos (OFs) may exchange their old peso bills by placing a reservation for NGC notes via online registration at orbs.gov.ph.

The registration started on October 1, 2016, with a P50,000 limit. — Jon Viktor Cabuenas/VS, GMA News