Central Bank urges Negrenses anew to exchange old peso bills

THE Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines) here urged Negrenses anew to swap their old peso bills as the deadline for replacement is again extended until next month.

Job Nepomuceno, deputy director of BSP-Bacolod Branch, said Tuesday the agency will accept old banknotes for replacement only until December 29 this year.

Nepomuceno said the new extension will allow holders of New Design Series (NDS) banknotes to exchange them without charges from the BSP.

The BSP had earlier set the first deadline for replacement in December 2016. It was then extended in March and June this year.

“We are reminding Negrenses to take advantage of the extension for replacement of their old bills before it will be demonetized,” Nepomuceno added.

The BSP had earlier said the new extension for the exchange or replacement transaction was brought by more requests from the public.

Through its Cash Department, regional offices and branches, the BSP will allow the exchange of retired NDS banknotes in cash up to a maximum amount of P100,000 per transaction.

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

In Negros Occidental, the BSP-Bacolod had earlier said there is a “minimal” amount of old bills in the province which have yet to be replaced.

Nepomuceno said the replacement of NDS with New Generation Currency can also be done with its authorized agent banks.

By 2018, old banknotes will already be demonetized, and these currency bills will have no more monetary value and legal tender by then.

Banks refusing to exchange and replace old bills may be charged administratively, Nepomuceno reiterated.

The BSP though cannot oblige old banknote holders to replace these currencies as some would intentionally keep the money for collection purposes, 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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