The Bangko Sentral ng Pilipinas (BSP) is reminding everyone to exchange your old bills now.
The deadline for exchanging old bills is only until the end of the year, December 31.
The bills in the New Design Series (NDS) will be demonetized by January 2017.
Apparently, an approximate of 305,400,000 million pieces of NDS bills amounting to about PHP26.1 billion are still currently in circulation.
NDS had monetary value until December 2015 only but you can still swap them at banks, the cash department of the BSP, and the various BSP offices nationwide until the end of the year.
Exceptions for this include:
- Agent banks and treasurers of local government units (LGU) are allowed to exchange NDS until Mar 31, 2017.
- Clerks of Courts and law enforcement agencies have an extension until Jan 31, 2017, and notes that are subject of court cases can be exchanged up to six months after the termination of the case.
- Overseas FIlipino Workers (OFWs) are required to register their NDS holdings through online application at https://orbs.bsp.gov.ph starting October 1, 2016. They are given a one-year period to exchange their money. Up to o PHP50,000 worth of NDS holdings is allowed for swapping. Those in war-torn countries don’t need to register and may exchange their bills up to Dec 31, 2017.
If you still have NDS bills, best to swap them now.
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