The Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that the Monetary Board (MB) decided to extend the period to exchange old banknotes in authorized agent banks of the BSP until March 31, 2017 from its initial deadline of Dec. 31, 2016.
In a briefing Wednesday, BSP Deputy Governor Nestor Espenilla Jr. said the MB's decision to give a 90-day extension to exchange old banknotes series or the New Design Series (NDS) for New Generation Currency (NGC) is a response to public clamor to extend the period of exchange.
NDS notes were launched in 1985 which features the old BSP logo with eight denominations such as PHP5.00, PHP10, PHP20, PHP50, PHP100, PHP200, PHP500, and PHP1,000.
NGC notes were released in 2010, featuring the new BSP logo and have six denominations: PHP20, PHP50, PHP100, PHP200, PHP500, and PHP1,000.
"So this extra three months basically is an opportunity, the last opportunity, to exchange those new design currencies for new generation currencies," Espenilla said.
"We take this opportunity to remind our authorized banks to fulfill the responsibility and accept those New Design Series currencies," he added.
He said authorized agent banks should accept exchange of old banknotes to new banknotes even if the person transacting is not a depositor.
Meanwhile, BSP Managing Director for Regional Monetary Affairs Sub-Sector Iluminada Sicat said 2.4 percent or some PHP23.3 billion of the original value of the old banknotes are still in circulation.
In terms of volume, 8.9 percent of the total volume released or some 295.7 million of NDS notes are circulating.
Most of the NDS that are still circulating have low denominations.
Since the start of the year, the old banknote series were no longer accepted for daily transactions.
By April 1, 2017, NDS notes are demonetized or will no longer have value, in which only the NGC notes will remain as legal tender in the country.
Source: Philippines News Agency