BSP skeleton force for old bills swap on Dec. 26

EVEN though it is regular non-working holiday on December 26, the Bangko Sentral ng Pilipinas (BSP) in Bacolod City is setting up a skeleton force that would cater to clients who would like to exchange their old banknotes.

The BSP had earlier set the deadline for swapping of the New Denomination Series (NDS) on December 29, the last day of government operations this year.

To prevent long queues especially during the last day of exchange period, the office decided to add one day for old bank notes holders to swap their bills.

BSP-Bacolod deputy director Job Nepomuceno told SunStar Bacolod in Friday that their office located on Lacson-Luzuriaga Streets is open from 8:30 a.m. to 12 noon on Tuesday.

The whole-day operation will resume on December 27 to 29.

“This nationwide effort would also allow old banknotes holders in the province, especially those who just knew about the demonetization program of the government, to still use their money by exchanging them to New Generation Currency (NGC) bills,” he added.

On January 1 next year, the old banknotes will already be demonetized. Meaning, these currency bills will have no more monetary value and legal tender power in 2018.

NDS holders may also exchange their bills with their depository banks.

Though there is only “minimal” amount of old banknotes left in the province, Nepomuceno said the agency still strongly campaigns for exchanging them into New Banknote Series (NBS).

Launched in 1985, the Old Banknote Series, consisting of five, 10, 20, 50, 100, 200, 500, and 1,000 peso bills, has been used for transactions until December last year.

The NGC bills, on the other hand, have been used for daily transactions since December 2010. Starting next month, only these banknotes can be used for transactions.

The demonetization process is in line with the provisions of Section 57 of Republic Act No. 7653, or the New Central Bank Act, authorizing the BSP to replace banknotes that are more than five years old.

Nepomuceno said that after the currency bills, BSP may also start the demonetization of old coins starting next year.

The BSP Central Office, in a report, had earlier said that it has already started consultations with stakeholders on the proposed new generation coins that would feature the electromagnetic signature to guard against tampering and counterfeiting activities.

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