Deadline for exchanging old banknotes on Dec. 29

THE Bangko Sentral ng Pilipinas (BSP) is reminding the public on the deadline for exchanging the New Design Series (NDS) banknotes (old banknotes) for New Generation Currency (NGC) Banknotes.

The last day for the BSP to accept old banknotes will be today, December 29.

BSP statement said that as stated in previous press statements, this is the final, non-extendable deadline.

The BSP has extended this deadline three times. The first deadline was set on December 31, 2016. This was extended to 31 March 2017, and then to June 30, 2017 due to insistent public demand.

Information on the NDS demonetization process and relevant dates, was disseminated, was repeatedly broadcasted and published by various media outlets (i.e. newspapers, radio and TV), was shared on the BSP’s website, was shown on videos played by cinemas, was contained in materials, brochures and posters displayed by retailers in their establishments nationwide and was the subject of face-to-face public information campaigns across the country by representatives of the BSP; and was sent through text blasts by different partner networks for the past three years.

Moreover, despite the holiday declared for government agencies and institutions, the BSP was open from 9 a.m. to 12 p.m. on December 26, 2017 to exclusively service the public’s NDS exchange needs. This was relayed to media outlets and was promptly broadcasted and published.

On December 27 and 28, there have been long lines of people at the BSP Main Office in Manila, seeking to exchange their NDS banknotes.

To accommodate those not serviced after the official-cut-off banking operations hour of 2:00 p.m., those still in line were given official forms to allow them to return on January 3, 2018.

This does not mean that the deadline has been extended. Rather, it is an acknowledgement that these people came before the deadline.

We highly encourage the public to be mindful of banking hours and cut-offs in operation.

The exchange of bills is not a mechanical process. The authenticity of each bank note is verified prior to exchange, which process takes time and attention, the BSP statement added.


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