2017-01-02 Mon

20 to 30-year-oldbanknotes issued by the Bangko Sentral ng Pilipinas have been withdrawn and citizens are given three months to get them exchanged till 1st April 2017. The New Design Series (NDS) bills will be demonetized which were released in 1985. The earlier deadline was 31st December 2016. From 1st April 2017 onwards, New Generation Currency (NGC), the banknote series launched in 2010 will only be valid. Officials state that only “small amount” of NDS bills were still in circulation.

NDS banknotes worth a total of P23.3 billion are still in circulation. This number is only 2.4 percent of the P979.9-billion worth in the system. Banks are asked to replace old banknotes from those exchanging them even if they were not their customers. The submitted NDS banknotes for exchange will be verified thoroughly. 27 million pieces of NGC banknotes with President Duarte's signature were released just before Christmas.