BSP extends deadline anew for exchanging old banknotes to June 30

The Bangko Sentral ng Pilipinas (BSP) on Thursday extended anew the deadline for exchanging old banknotes for the new generation currency (NGC).

"The Monetary Board approved the extension of the deadline for the exchange or replacement of New Design Series banknotes (NDS) with the Bangko Sentral ng Pilipinas (BSP) or its authorized agent banks with New Generation Currency (NGC) banknotes, and without charge, to 30 June 2017," the BSP said.

"This is in response to public clamor," BSP Deputy Governor Diwa C. Guinigundo told reporters in a briefing in Manila City.

According to BSP data, more than P19-billion of NDS banknotes are currently in circulation.

“As of February 28, 2017, 8.6 percent or 284.4 million pieces of the 3.3 billion bills in circulation are NDS banknotes,” Guinigundo said.

“In value terms, 2 percent or P19.2 billion of the P983.3 billion bills in circulation are NDS banknotes,” he added.

The BSP earlier extended the deadline for exchanging NDS banknotes – first launched in 1985 – with NGC banknotes until March 31, 2017.

The BSP also moved the demonetization of the NDS banknotes to April 1, 2017, from January 1, 2017.

Overseas Filipinos may exchange their old peso bills by placing a reservation for NGC notes via online registration at orbs.gov.ph. The central bank has set a P50,000 limit. — VDS, GMA News