Only 11 days left to exchange old peso bills – BSP

Only 11 days are left for the public to exchange old peso bills for the new generation currency banknotes, in line with the demonetization process of the Bangko Sentral ng Pilipinas.

"Paalala na March 31, 2017 and huling araw ng pagpapalit ng lumang serye ng perang papel sa mga bangko o BSP offices/branches," according to an advisory by the BSP and the National Telecommunications. The advisory was sent to subscribers of Globe Telecom Inc. on Monday.

The NTC also sent similar advisories to overseas Filipino workers and the public at large via Smart Communications Inc. last week.

The BSP earlier extended the deadline for changing the new denomination series (NDS) banknotes – first launched in 1985 – for the new NGC banknotes until March 31, 2017.

The BSP has moved the demonetization of NDS banknotes to April 1, 2017, from January 1, 2017, which means that the new denomination bills will no longer be accpeted as a currency of exchance for goods and services.

Overseas Filipinos were advised by the BSP to exchange their old peso bills by placing a reservation for NGC notes via online at orbs.gov.ph, but with a ceiling of P50,000. — Jon Viktor Cabuenas/VDS, GMA News