BSP: Surrender of old peso notes extended to March

The Bangko Sentral ng Pilipinas (BSP) has extended the deadline for the exchange or replacement of old bank notes, also known as the New Design series banknotes or NDS, to March 31, 2017. 

Marlyn Paje, BSP deputy director in Bicol, said NDS is “at par with the New Generation Currency (NGC) banknotes and can be exchanged without charge.

“The NDS banknotes may be exchanged with BSP’s its authorized agent banks,” she said.

Paje said the recent decision of the Monetary Board to extend the period of exchange from end of December 2016 to end of March 2017 is a response to the public’s clamor to extend the deadline in replacing their old banknote series.

She said after March 31, the NDS banknotes which have not been exchanged shall cease to be a liability of the BSP and shall de demonetized.

Meanwhile, the BSP also warned business establishments and market vendors who refuse to accept coins that they would face the necessary sanctions.

The BSP has received reports that there were stores, especially market vendors, who refuse to accept the 5-, 10- and 25-centavo coins.

It urged the public to file necessary complaint to their office against erring business establishments or market vendors.

BSP Deputy Director Atty. Tom Cariño Jr. said the deadline is only for “exchanging” and not the use of old generation bank notes issued in 1985 or before 2010 to pay for goods and services.

He said the deadline was extended until March 31, 2017 upon the request of families of Overseas Filipino Workers (OFWs).

He said banks were reminded to accept old notes being traded until March, and if a client is refused, this should be reported to the BSP immediately.

Demonetization of the old bank notes is necessary to preserve the integrity of the peso against counterfeiters, he added.