Central Bank of the Philippines says old peso bills swap until June 30

THE Bangko Sentral ng Pilipinas (BSP) in Bacolod City will accept old banknotes for replacement only until Friday, June 30.

Job Nepomuceno, deputy director of BSP-Bacolod Branch, said they can no longer exchange old bills after the “last deadline” set by the Monetary Board.

Through Resolution No. 2331, the BSP approved another three-month extension for the replacement of Old Banknote Series, after the first three-month extension lapsed last March 31.

The decision to extend was in response to public clamor for a longer replacement period.

“This is a last call to all those who still have old bills in their possession as the management sets no more extension for replacement,” Nepomuceno said.

Based on BSP-Bacolod Branch’s monitoring there is a “minimal” amount of old bills in the province which have yet to be replaced, he added.

The replacement of New Design Series with New Generation Currency can be done with the BSP and its authorized agent banks.

BSP earlier said that starting July 1, old banknotes will already be demonetized, where these currency bills will have no more monetary value and legal tender by this time.

Nepomuceno reiterated that banks refusing to exchange and replace old bills may be charged administratively.

He pointed out though that they cannot oblige old banknote holders to replace these currencies.

Some intentionally keep the money as collector’s item, he added.

Launched in 1985, the Old Banknote Series, consisting of 5, 10, 20, 50, 100, 200, 500, and 1,000 peso bills, have been used for transaction until December 2015.

The New Generation Currency has been used for daily transactions since December 2010.
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