BSP warns old money good until Dec. 2015 only

BALANGA CITY — Bangko Sentral ng Pilipinas (BSP) reminds Bataeños that their old peso bills can be used for buying and payments until December 31, 2015 only.

As such, BSP has been urging the public to swap their old peso bill called New Design Series (NDS) with the New Generation Currency (NGC).

Ma. Lourdes Laconsay, senior research specialist of BSP-San Fernando branch, said the NDS banknotes can still be used for paying, buying and other transactions requiring the use of cash up to December 31, 2015.

“But from January 1, 2016 until December 31, 2016, NDS banknotes can no longer be used in day-to-day transactions to pay for goods and services,” she said.

During this yearlong period, the public can still exchange the old notes to NGC through financial institutions—universal, commercial, thrift, rural and cooperative banks and BSP’s branches across the country—at face value and for free.

For Overseas Filipinos who can’t exchange their old banknotes within the period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website (www.bsp.gov.ph).

Starting January 1, 2017, old bills that have not been traded will no longer have fiscal value and can no longer be exchanged at BSP or any BSP-authorized agent bank.

Laconsay explained that demonetizing old banknotes is in line with the practices of central banks across the world which normally change their currency design every 10 years.

In the case of the Philippines, the NDS banknotes have been in use since 1985 or for 30 years already.

“Also, demonetization has something to do with security and the drive against counterfeiting,” Laconsay said.

In 2010, the BSP released the NGC banknotes which have innovative design and enhanced security features to protect the public from fake money. (PIA 3)