The Monetary Board approved the extension of the period for the exchange or replacement of New Design Series (NDS) banknotes in the custody of (i) Authorized Agent Banks, (ii) Office of Provincial/City/Municipal Treasurers and (iii) Overseas Filipinos, Filipino Immigrants and Non-Residents, as follows:
Authorized Agent Banks
All NDS notes deposited to these banks on or before 31 March 2017 can be exchanged with/deposited to the BSP until 30 June 2017.
Offices of Municipal/City/ Provincial Treasurers
All NDS notes inventoried on or before 31 March 2017 can be exchanged until 30 June 2017.
Overseas Filipinos (OFs), Filipino Immigrants and Non-residents
OFs, Filipino immigrants and non-residents can register up to Php 50,000.00 of their old banknotes on the website: https://orbs.bsp.gov.ph. Registration period is until 31 March 2017.
All NDS banknotes registered from 1 October 2016 to 31 December 2016 shall be submitted for exchange with New Generation Currency (NGC) banknotes within one (1) year from date of registration at any BSP office. On the other hand, NDS banknotes registered from 1 January 2017 to 31 March 2017 shall be submitted for exchange with NGC banknotes until 31 December 2017 at any BSP office.
Please note that additional documentary requirements are needed for Filipino immigrants and non-residents for exchange of their NDS banknote holdings. Aside from the original passport and printed confirmation notice, Filipino immigrants must present their birth certificate to support Filipino lineage, while non-residents must show proof of previous employment in the Philippines. For authorized representatives, the confirmation notice must be printed and presented to the BSP together with the original passport of the OF, immigrant and non-resident; authorization letter; and valid ID of the representative.
On the other hand, for OFs who are situated in war torn countries, the deadline for exchange is until 31 December 2017. There is no need for them to register.
Source: Bangko Sentral ng Pilipinas (BSP)