2016-10-26 Wed

The Bangko Sentral ng Pilipinas (BSP) announced that the last date for redeeming old banknotes is 31st December. As per official reports, 1985 NDS series notes launched in 1985 will not be acceptable for any transaction and will be completely demonetized from 1st January.

Authorities said that NDS can still be exchanged at face value without any extra cost, in authorized agent banks (AABs) and at the BSP-Cash Department or any of Regional Offices and Branches of the BSP. 711.7 million pieces or P184.3 billion NDS notes were in circulation in early 2015. 305.4 million old banknotes valued at P26.1 billion were in circulation in September 2016.

Notes deposited on or before 31st December can be exchanged until 31st March 2017. People living in other countries can register up to P50,000 of their old banknotes online between 1st October to 31st December 2016 and get them exchanged within a year. Deadline for exchange in war-torn countries is extended to 31st December 2017 without the need for any registration. Old notes which are confiscated by the Clerks of Courts and Law Enforcement Agencies as of December 31, 2016 can be exchanged by January 31, 2017. Notes that are subject to court cases can be exchanged six months after the legal cases are closed.