2018-01-15 Mon

The deadline for exchanging old banknotes for New Generation Currency NGC Banknotes of Philippines was 29th December. The deadline was already extended three times; from 31st December 2016 to 31st March 2017, and then to 10th June 2017 as per public demand. Information on the NDS demonetization process has been marketed and presented to the public in numerous ways for the last three years.

The BSP was open from 9 a.m. to 12 p.m. on 26th December 2017 for exchanging notes even though it was a public holiday. This news was also publicised using various means. There was a large queue outside the bank on 27th and 28th December. Those who were not able to get their notes exchanged were asked to come back on 3rd January 2018.

People were told through an official statement that the exchange of notes was not a mechanical process. It requires a verification process to authenticate the notes, which takes time and attention.