Bangko Sentral resets deadline for exchanging old peso banknotes to Dec. 29

The Bangko Sentral ng Pilipinas (BSP) on Friday set a new deadline for exchanging old banknotes for the new generation currency (NGC) series due to public demand.

"In response to numerous requests from the general public to allow the exchange and replacement of their New Design Series (NDS) banknotes, the Monetary Board established a new deadline of 29 December 2017 for this purpose," the BSP said in a statement.

The replacement or exchange transactions of NDS banknotes will be accommodated without charge at the BSP Cash Department, regional offices, and branches.

"The BSP shall allow the exchange of demonetized NDS banknotes in cash to a maximum amount of P100,000.00 per transaction," it said.

"NDS exchange for larger amounts may be allowed but payable only by check or direct credit to a bank account," it added.

The BSP has extended the deadline for exchanging NDS banknotes a number of times. The New Denomination Series was launched in 1985.

The original deadline was supposed to be on December 31, 2016, but was extended to March 31, 2017.

Due to "public clamor" the central bank extended the deadline anew to June 30 this year.

The BSP also moved the actual demonetization of NDS banknotes to April 1, 2017, from January 1, 2017, when the NDS peso bills may no longer be used to pay for goods and services.

Earlier this month GMA Public Affairs magazine show "Kapuso Mo, Jessica Soho" featured an elderly man, who has P91,500 worth of old peso bills in his possession but failed to exchange it with the BSP as the June 30 deadline had lapsed. — Ted Cordero/VDS, GMA News