Banks obliged to change old banknotes according to Bangko Senral ng Pilipinas (BSP)

Banks obliged to change the old backnotes until the end of the year according to Bangko Senral ng Pilipinas (BSP). It reminded all Philippine financial institutions that they are required to exchange, or replace the new design series (NDS) banknotes.

The central bank said in BSP Circular No. 910 that “”All banks are required to accept/exchange/replace NDS banknotes until 31 December 2016,” Since starting January 1, 2017, old NDS banknotes launched in 1985 will lose monetary value.
In line with its demonetization program, the NDS banknotes can no longer be used for purchases stipulated under the guidelines released by the BSP. Beginning 2017, the banknotes will fully become worthless but may still be exchanged with New Generation Currency (NGC) banknotes until the end of 2016.

The BSP said that the Bank’s officers/employees who will refuse to accept NDS banknotes from the general public, clients or non-clients, shall be subject to administrative sanctions.

From January 2 to March 31, 2017, under the circular with a two-day prior notice, all banks and offices of provincial, city, or municipal treasurers may submit NDS banknotes in their custody for replacement or exchange with the BSP. This shall permit the central bank to prepare the required volume.

However, the banknotes which are subject of pending court cases, the agencies concerned, not later than Jan. 31, 2017 shall be submitting a duly filled-up and certified inventory or exchange form for the NDS banknotes.

On the other hand, overseas Filipinos working or living abroad may register their NDS banknote holdings online through the BSP website from Oct. 1, 2016 to Dec. 31, 2016. In countries with geopolitical crisis may avail of the exchange facility which is also subject to a P10,000 limit per overseas Filipino from Jan. 1, 2017 to Dec. 31, 2017.

See more at:http://philnews.ph/2014/12/30/bangko-sentral-ng-pilipinas-bsp-to-demonetized-old-bank-notes-video/